SRV - Quite in line with expectations
SRV's net sales in Q2 amounted to EUR 218.0m, below our and consensus estimates (EUR 232.1m/241.0m Evli/cons.). EBIT amounted to EUR 6.3m, above our and consensus estimates (EUR 5.8m/5.0m Evli/cons.).
- Revenue in Q2 was EUR 218.0m (EUR 265.1m in Q2/20), below our and consensus estimates (EUR 232.1m/241.0m Evli/Cons.). Revenue declined 18% y/y in Q2.
- Operating profit in Q2 amounted to EUR 6.3m (EUR 3.3m in Q2/20), above our estimates and above consensus estimates (EUR 5.8m/5.0m Evli/cons.), at a margin of 2.9%. The operative operating profit amounted to EUR 5.7m (Evli EUR 5.8m).
- EPS in Q2 amounted to EUR 0.01 (EUR 0.02 in Q2/20), above our and consensus estimates (EUR 0.00 Evli/cons.).
- The order backlog in Q1 was EUR 1,048m (EUR 1,332m in Q2/20), down by -21%.
- Construction revenue in Q2 was EUR 218.5m vs. EUR 231m Evli. Operating profit in Q2 amounted to EUR 7.0m vs. EUR 8.0m Evli.
- Investments revenue in Q2 was EUR 1.0m vs. EUR 1.1m Evli. Operating profit in Q2 amounted to EUR 0.1m vs. EUR -1.3m Evli.
- Other operations and elim. revenue in Q2 was EUR -1.5m vs. EUR 0.0m Evli. Operating profit in Q2 amounted to EUR -0.8m vs. EUR -0.9m Evli.
- Guidance intact: Consolidated revenue for 2021 is expected to amount to EUR 900-1,050m and operating profit is expected to improve on 2020 and amount to EUR 16-26m.