Etteplan - In line with expectations
Etteplan posted solid Q3 results, largely in line with our estimates. Net sales amounted to EUR 52.6m (Evli 54.5m) and EBIT from business operations was EUR 4.8m (Evli 4.7m). Development was good in Engineering services and Embedded Systems and IoT, while Technical documentation continued to see some weakness. The demand situation is expected to remain good throughout the end of year despite some market uncertainty.
- Net sales in Q3 were EUR 52.6m (EUR 47.1m in Q3/17), slightly below our estimates (Evli EUR 54.5m). Sales growth in Q3 was 11.6 % y/y.
- EBIT in Q3 was EUR 4.4m (EUR 2.9m in Q3/17), slightly above our estimates (Evli EUR 4.2m), at an EBIT-margin of 8.3 %.
- Engineering services: Net sales in Q3 were EUR 28.8m vs. EUR 29m Evli. EBIT BO in Q3 was EUR 2.9m vs. EUR 2.5m Evli. The MSI-% in Q3 was 52 % compared to 53 % in Q3/17.
- Embedded systems and IoT: Net sales in Q3 were EUR 13.6m vs. EUR 14.4m Evli. EBIT BO in Q3 was EUR 1.3m vs. EUR 1.2m Evli. The MSI-% in Q3 was 46 % compared to 53 % in Q3/17.
- Technical documentation: Net sales in Q3 were EUR 10.1m vs. EUR 11.1m Evli. EBIT BO in Q3 was EUR 0.8m vs. EUR 1m Evli. The MSI-% in Q3 was 74 % compared to 78 % in Q3/17.
- The demand situation is expected to remain good in Q4 despite some market uncertainty.