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Vaisala - Q2 broadly in line, IM softer than expected

Vaisala’s Q2 EBIT was broadly in line, but pandemic had its toll on both business areas and orders received. Vaisala’s Q2 net sales decreased 5% to 91,4 MEUR vs. 93,5 MEUR our expectation and 94 MEUR consensus. Q2 reported EBIT was 7,9 MEUR (8,7% margin) vs. our expectation of 8,1 MEUR (7,9 MEUR consensus).
  • Group level results: Q2 net sales decreased 5% to 91,4 MEUR vs. 93,5 MEUR our expectation and 94 MEUR consensus. Q2 EBIT was 7,9 MEUR (8,7% margin) vs. our expectation of 8,1 MEUR (cons. 7,9 MEUR). EPS was 0.16 (0.19 Evli, 0.20 consensus).
  • Gross margin was 54,5% vs. 54,2% last year
  • Orders received was 95,9 MEUR vs. 98 MEUR last year. Orders received decreased by -2% due to weakened order intake in Industrial Measurements and especially in APAC region. Order book was 145,3 MEUR vs. 141,6 MEUR Q1’20.
  • Weather & Environment (W&E) net sales decreased -5% (-5% excl. FX) to 57,6 MEUR vs. 56,4 MEUR our expectation. W&E EBIT was 0,7 MEUR (0,2 MEUR Evli). Order intake growth was 1% with strong orders received in EMEA offset by weaker APAC and Latin America.
  • Industrial Measurements (IM) net sales declined -5% (-5% excl. FX) to 33,8 MEUR vs. 37,1 MEUR our expectation. IM EBIT was 7,1 MEUR (7,9 MEUR Evli), due to lower net sales. Industrial Measurements order intake declined -8% in all regions, especially APAC.
  • Business outlook for 2020 maintained: Vaisala estimates that its full-year 2020 net sales will be in the range of 370–405 MEUR and EBIT will be in the range of 34–46 MEUR (updated previously on April 21st)
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