Aspo - Results slightly lower than estimated
Aspo’s Q1 results were a bit lower than estimated. We find there to have been mixed development underneath as Telko on the one hand beat our estimates while on the other ESL’s profitability softened more than we had estimated.
- Aspo Q1 revenue was EUR 147.5m vs the EUR 159.8m/151.5m Evli/consensus estimates.
- Adjusted EBIT amounted to EUR 8.0m, compared to the EUR 9.7m/8.8m Evli/consensus estimates. EBIT for continuing operations was EUR 8.4m.
- ESL Q1 revenue landed at EUR 52.7m vs our EUR 59.7m estimate, while adjusted EBIT was EUR 6.0m vs our EUR 8.5m estimate. Handysize vessels had stable volumes, while coasters suffered not only from a strike but also capacity constraints due to limited availability of time charter tonnage and unexpected 35 days maintenance off-hire of two owned sister vessels. The market for Supramax vessels was significantly lower compared to year ago. The steel industry has fairly stable volume expectations for the remainder of the year.
- Telko revenue amounted to EUR 54.3m, compared to our EUR 58.6m estimate, whereas EBIT was EUR 2.7m vs our EUR 1.9m estimate. Prices seemed to have remained overall quite stable and should stay so over the course of H1.
- Leipurin revenue was EUR 34.6m in Q1 vs our EUR 41.5m estimate. EBIT came in at EUR 1.0m, compared to our EUR 1.2m estimate. Rapid raw material inflation has continued to hurt demand.
- Other operations cost EUR 1.3m, compared to our EUR 1.9m estimate.
- Aspo guides comparable operating profit to be higher than EUR 35m in 2023 (unchanged).