Vaisala - Strong profitability in both segments
Vaisala’s Q3 did not provide bigger surprises as the company updated its business look for 2020 and published preliminary Q3 net sales and EBIT figures last week. Vaisala’s Q3 net sales decreased by 11% to 94.0 MEUR. Q3 reported EBIT was 19.5 MEUR.
- Group level results: Q3 net sales decreased by 11% to 94.0 MEUR.
- Gross margin was 57.7% vs. 55.3% last year.
- Orders received were 85.3 MEUR vs. 105.1 MEUR last year. Orders received decreased by 19% due to weakened order intake especially in W&E’s airports markets and emerging markets. Order book was 134.6 MEUR vs. 154.4 MEUR in Q3’19.
- Weather & Environment (W&E) net sales decreased by 14% to 59.2 MEUR vs. 59.9 MEUR our expectation. W&E EBIT was 11.1 MEUR (9.7 MEUR Evli). W&E’s orders received decreased by 29% and was impacted by decreased order intake mainly from MEA and Latin America.
- Industrial Measurements (IM) net sales declined 3% to 34.8 MEUR vs. 34.5 MEUR our expectation. IM EBIT was 8.6 MEUR (10.3 MEUR Evli). Industrial Measurements’ order intake growth was 2% and orders received grew by 19% in APAC, while order intake in EMEA and Americas decreased partially offsetting increase in APAC.
- Business outlook for 2020 maintained: Vaisala estimates its full-year 2020 net sales to be in the range of EUR 370–390 million and operating result (EBIT) to be in the range of EUR 40–48 million (updated on October 21st).