Etteplan - Earnings beat and guidance upgrade
Etteplan’s Q1 results beat expectations especially for profitability, with EBIT at EUR 5.8m (EUR 5.2m/5.1m Evli/cons.) and revenue at EUR 65.6m (EUR 63.5m/64.0m Evli/cons.). Performance was solid across all business areas. Etteplan upgraded its guidance and now expects its revenue and operating profit for the year 2019 to grow clearly compared to 2018.
- Etteplan’s net sales in Q1 amounted to EUR 65.6m (EUR 59.0m in Q1/18), slightly above our estimates (Evli EUR 63.5m). Sales growth in Q1 amounted to 11.3% y/y (organic growth 7.0%).
- EBITA in Q1 was EUR 6.4m (EUR 4.9m in Q1/18), above our estimates (Evli EUR 5.8m), at a margin of 9.8%.
- Engineering Solutions: Net sales in Q1 were EUR 35.6m vs. EUR 35.5m Evli. EBITA in Q1 was EUR 3.7m vs. EUR 3.2m Evli.
- Software and Embedded Solutions: Net sales in Q1 were EUR 17.3m vs. EUR 16.4m Evli. EBITA in Q1 was EUR 1.7m vs. EUR 1.7m Evli.
- Technical Documentation Solutions: Net sales in Q1 were EUR 12.5m vs. EUR 11.6m Evli. EBITA in Q1 was EUR 1.2m vs. EUR 0.9m Evli.
- Guidance upgraded: Etteplan expects its revenue and operating profit for the year 2019 to grow clearly (added) compared to 2018.