Suominen - Clear Q1 profitability beat

Suominen’s Q1 profitability remained very strong and the quarter was actually better, in terms of EBITDA and EBIT, than the previous record seen in Q3’20. Suominen retains its full-year outlook.
  • Suominen Q1 revenue amounted to EUR 115.3m vs the EUR 117.0m/114.5m Evli/consensus estimates. Top line grew 5% y/y and currencies had a negative impact of EUR 8.1m.
  • European top line was EUR 43.4m whereas we estimated EUR 45.0m. Americas recorded EUR 71.9m, compared to our EUR 72.0m estimate.
  • Gross profit was EUR 20.2m vs our EUR 17.0m estimate. Gross margin was thus 17.5% vs our 14.5% expectation.
  • Q1 EBITDA was EUR 18.5m, compared to the EUR 15.3m/15.2m Evli/consensus estimates. EBIT amounted to EUR 13.6m vs the EUR 9.8m/9.8m Evli/consensus estimates. SGA and R&D were also a bit lower than we expected.
  • Suominen retains the previously stated outlook and expects FY ‘21 comparable EBITDA to remain in line with FY ’20 (EUR 60.9m).
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