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Suominen - Crushed our estimates

Suominen’s Q2 results wiped the table clean with our estimates.
  • Suominen Q2 revenue was EUR 122.2m while we had estimated EUR 115.0m. Revenue thus grew 18% y/y and reached a record on a quarterly basis. Nonwovens delivery volumes increased considerably while prices decreased following lower raw material prices.
  • Gross profit stood at EUR 19.5m vs our EUR 14.4m estimate. Gross margin was therefore 16.0% compared to our 12.5% expectation. While nonwovens prices decreased lower raw material and other direct product costs more than compensated.
  • Q2 EBIT amounted to EUR 12.4m compared to our EUR 6.8m expectation. EBIT thus more than quadrupled compared to year ago.
  • In terms of guidance Suominen expects 2020 comparable operating profit to improve significantly from 2019 (no change).
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