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Vaisala - Soft as expected

Vaisala’s Q1 net sales were in line with the previously given preliminary sales figures at EUR 112m, profitability was slightly higher than expected, yet EBIT margin declined to 6.4% (10.1% Q1/23).
  • Q1 group result: Orders declined 7% y/y while the order book stood at EUR 190.4m, growing 16% compared to last year. Group net sales decreased by 15% to EUR 112.1m, in line with the preliminary sales figures given in April. Gross margin declined to 54.2% (56.1% Q1/23) driven by lower volumes which typically have an effect on Vaisala’s gross margin. EBIT amounted to EUR 7.1m (5.3/3.2m Evli/cons.), reflecting a margin of 6.4%. The EBIT decrease was mainly driven by lower sales and the gross margin development as OPEX were at a lower level than in the previous year. The slight EBIT beat vs. our estimates was driven by lower-than-expected OPEX levels.
  • Industrial measurements (IM): Orders decreased by 14% (FX -12%) y/y and order book declined to EUR 36.5m (-5%). Net sales decreased by 24% y/y to EUR 48.0m (FX -24%). Net sales decreased very strongly in life science, industrial instruments and liquid measurements markets. On the other hand, net sales in the power and energy market segment grew y/y. IM profitability suffered from lower volumes as gross margin decreased to 58.4% (Q1/23 62.6%) and EBIT to EUR 6.5m with a margin of 13.5% (Q1/23 EUR 15.0m, 23.8%).
  • Weather and Environment (W&E): Orders received decreased by 1% (FX 0%) y/y while order book was up by 23% y/y. W&E’s net sales decreased by 7% (FX -6%) to EUR 64.1m. Timing of the project deliveries was the main reason for the sales decline. Net sales decreased in all markets except for the renewable energy market segment where sales were at the previous year’s level. Gross margin improved to 51% (Q1/23 50.2%) driven by more favorable sales mix.
  • Outlook 2024 (unchanged): Net sales EUR 530-570m and EBIT EUR 63-78m
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