Vaisala - Topline met our expectations
Vaisala’s Q4 topline was in line with our expectations, but earnings fell short due to declined margins.
- Group results: Orders received was EUR 119.0m (+6% y/y) and order book totaled EUR 160.0m (+16% y/y). Net sales grew by 17% y/y to EUR 125m (125.5/123.5m Evli/cons.). EBIT decreased by -2.5% y/y to EUR 11.9m (16.4/16.8m Evli/cons.). Driven by soft EBIT the EPS was EUR 0.21 (0.39/0.40 Evli/cons.).
- Industrial Measurements (IM): Orders received grew very strongly by 42% y/y to EUR 58.2m and order book was at record level EUR 32.9m (+83% y/y) after Q4. Revenue grew strongly by 26% y/y to EUR 50.1m (49.5/49.5m Evli/cons.). Revenue growth was driven by high-end industrial measurements, life science, liquid measurements, and power. More expensive components bought from spots markets (negative impact of 4%-p.) drove down the gross margin to 59.9% (prev. 63.3%).
- Weather & Environment (W&E): Orders received declined by 14% y/y to EUR 60.8m and order book was at EUR 127.1m (+6% y/y). Net sales grew by 12% y/y to EUR 74.9m (76/74m Evli/cons.). Revenue grew in renewable energy and meteorology, while it was flat in aviation and transportation. Gross margin declined to 48.9% (prev. 51.1%) due to higher component prices (negative impact of 2%-p.).
- 2022 guidance: Net sales between EUR 465-495m (2021: EUR 437.9m) and EBIT EUR 55-70m (2021: EUR 50.1m).
- Dividend proposal: EUR 0.68 (0.63/0.64 Evli/cons.)
- Market outlook: Markets for high-end industrial instruments, life science, power industry, and liquid measurements are expected to grow. Markets for meteorology and ground transportation are expected to be stable. Aviation market is expected to recover towards pre-pandemic level. Renewable energy market is expected to grow.