Etteplan - Good results given the circumstances
Etteplan's net sales in Q3 amounted to EUR 55.2m, in line with our estimates and consensus (EUR 55.6m/55.3m Evli/cons.). EBIT amounted to EUR 4.3m, above our and consensus estimates (EUR 2.9m/3.1m Evli/cons.). Guidance updated: revenue in 2020 is expected to decrease slightly or be at the same level as in 2019 and EBIT to decrease clearly compared to 2019.
- Net sales in Q3 were EUR 55.2m (EUR 61.5m in Q3/19), in line with our and consensus estimates (EUR 55.6m/55.3m Evli/Cons.). Revenue declined 10.3% y/y in Q3, organic decrease 13.3%.
- EBIT in Q3 amounted to EUR 4.3m (EUR 5.7m in Q3/19), above our and consensus estimates (EUR 2.9m/3.1m Evli/cons.), at a margin of 7.7%.
- EPS in Q3 amounted to EUR 0.13 (EUR 0.19 in Q3/19), above our and consensus estimates (EUR 0.08/0.10 Evli/cons.).
- Engineering Solutions net sales in Q3 were EUR 31.0m vs. EUR 30.7m Evli. EBITA in Q3 amounted to EUR 2.8m vs. EUR 2.1m Evli. The MSI-% in Q3 was 58% compared to 59% in Q3/19.
- Software and Embedded Solutions net sales in Q3 were EUR 13.8m vs. EUR 14.5m Evli. EBITA in Q3 amounted to EUR 1.4m vs. EUR 1.2m Evli. The MSI-% in Q3 was 52% compared to 55% in Q3/19.
- Technical Documentation Solutions net sales in Q3 were EUR 10.2m vs. EUR 10.3m Evli. EBITA in Q3 amounted to EUR 1.0m vs. EUR 0.7m Evli. The MSI-% in Q3 was 80% compared to 78% in Q3/19.
- Guidance updated: Revenue for the full year 2020 will decrease slightly or be at the same level as in the previous year, operating profit (EBIT) will decrease clearly compared to 2019.