SRV - Fared rather well
SRV's net sales in Q2 amounted to EUR 265.0m, above our and consensus estimates (EUR 243.4m/243.0m Evli/cons.). EBIT amounted to EUR 3.3m, below our estimates and above consensus estimates (EUR 3.8m/2.4m Evli/cons.).
- Revenue in Q2 was EUR 265.0m (EUR 207.4m in Q2/19), above our estimates and consensus estimates (EUR 243.4m/243.0m Evli/Cons.). Growth in Q2 amounted to 27.8 % y/y.
- Operating profit in Q2 amounted to EUR 3.3m (EUR -3.1m in Q2/19), below our estimates and above consensus estimates (EUR 3.8m/2.4m Evli/cons.), at a margin of 1.2 %. The operative operating profit amounted to EUR 0.5m (Evli EUR 3.8m). The operating profit was affected by an EUR 3.1m provision for expenses that were recognized due to a ruling by a Russian court, as well as costs relating to the recovery programme among other things.
- EPS in Q2 amounted to EUR 0.02, above our estimates and consensus estimates (EUR -0.02/-0.01 Evli/cons.).
- Construction: Revenue in Q2 was EUR 264.1m vs. EUR 242.7m Evli. Operating profit in Q2 amounted to EUR 7.4m vs. EUR 6.3m Evli.
- Investments: Revenue in Q2 was EUR 1.2m vs. EUR 1.2m Evli. Operating profit in Q2 amounted to EUR -1.7m vs. EUR -1.5m Evli.
- Other operations and elim.: Revenue in Q2 was EUR -0.2m vs. EUR -0.5m Evli. Operating profit in Q2 amounted to EUR -2.4m vs. EUR -1.0m Evli.