Aspo - Sales above our estimate
Aspo’s Q1 net sales grew 23% y/y, reaching EUR 142m and thus exceeding our EUR 137m estimate. Group operating margin, at 3.5%, fell a little short of our 4.0% expectation. ESL’s top line came in 9% above our estimate (operating margin was in line with our expected 7.2%). In other words, Telko’s and Leipurin’s profitability fell short of our expectations.
- Group Q1 net sales amounted to EUR 142m vs. our EUR 137m estimate.
- Aspo posted EUR 4.9m in EBIT vs. our expectation of EUR 5.4m. Group operating margin therefore amounted 3.5% (vs. our 4.0% estimate).
- ESL Shipping revenue was recorded at EUR 44m vs. our EUR 40m expectation. ESL managed EBIT at EUR 3.2m (7.3% margin), whereas we expected EUR 2.9m (7.2% margin).
- Telko posted EUR 72m in net sales (including Kauko) vs. our EUR 69m combined estimate for Telko and Kauko. Meanwhile EBIT stood at EUR 2.4m vs. our EUR 2.5m projection.
- Leipurin sales were EUR 26m, while we expected EUR 28m. Leipurin achieved EUR 0.5m EBIT (our estimate was EUR 1.0m).
- Kauko is now included within the Telko figures (effective Jan 1, 2019).
- Previous guidance stays valid as Aspo expects 2019 EBIT at EUR 28-33m (EUR 20.6m in 2018).