Consti - Lower revenue drives estimates miss
Consti's net sales in Q1 amounted to EUR 59.0m, below our estimates and below consensus (EUR 64.7m/67.9m Evli/cons.). EBIT amounted to EUR 0.5m, below our estimates but in line with consensus (EUR 1.9m/0.4m Evli/cons.). Uncertainty has increased as a result of the coronavirus pandemic, but impact so far limited.
- Net sales in Q1 were EUR 59.0m (EUR 73.5m in Q1/19), below our estimates and consensus estimates (EUR 64.7m/67.9m Evli/Cons.). Growth in Q1 amounted to 19.7 % y/y.
- Operating profit in Q1 amounted to EUR 0.5m (EUR 0.4m in Q1/19), below our estimates and in line with consensus estimates (EUR 1.9m/0.4m Evli/cons.), at a margin of 0.8 %.
- EPS in Q1 amounted to EUR 0.01 (EUR -0.08 in Q1/19), below our estimates and in line with consensus estimates (EUR 0.15/0.00 Evli/cons.).
- Free cash flow EUR 2.0 (Q1/19: EUR -3.5m)
- The order backlog in Q1 was EUR 202.2m (EUR 237.8m in Q1/19), down by -15 %. Order intake in the quarter amounted to EUR 62.1m (Q1/19: EUR 73.5m)
- Uncertainty has increased as a result of the coronavirus pandemic, but impact so far limited. Worksites have remained open in all operational areas. Some projects in the negotiation stage have been cancelled, and the start of some projects that were at the contractual stage has been moved forward.
- Guidance reiterated: The Company estimates that its operating result for 2020 will improve compared to 2019.