Enersense - Profitability as expected
Enersense’s Q2 report didn’t offer many surprises. Enersense’s operations and strategy seem to proceed pretty much according to plan.
- Enersense Q2 revenue was EUR 61.6m vs our EUR 57.5m estimate. Smart Industry top line was EUR 23.5m, compared to our EUR 23.5m estimate. Power came in at EUR 12.0m (vs our EUR 11.5m estimate), while Connectivity was EUR 11.4m (vs our EUR 11.0m estimate).
- Adjusted EBITDA was EUR 4.8m vs our EUR 4.7m estimate. Meanwhile adjusted EBIT amounted to EUR 2.8m vs our EUR 2.6m estimate. Smart Industry EBITDA amounted to EUR 5.1m. Power and Connectivity respectively reached EUR 0.9m and EUR 0.5m in EBITDA. Connectivity saw relatively challenging weather conditions in Q2.
- Order backlog stood at EUR 301m at the end of Q2 (EUR 292m at Q4’20).
- Enersense retains its guidance and expects to see 2021 revenue in the EUR 215-245m range, adjusted EBITDA at EUR 17-20m and adjusted EBIT at EUR 8-11m.