Vaisala - EBITA guidance meets estimates
Vaisala’s Q4 revenue and EBITA came in close to estimates. IM demand continues to develop strongly, as expected, while W&E has a more challenging outlook although there are also growing markets (namely aviation and meteorology).
- Vaisala Q4 revenue decreased by 3% y/y to EUR 162.3m vs the EUR 165.2m/163.4m Evli/consensus estimates. EBITA was EUR 26.1m, compared to the EUR 24.6m/26.4m Evli/consensus estimates, meaning EBITA margin was 16.1% (18.1% a year ago).
- Industrial Measurement orders received increased by 13% y/y to EUR 71.3m, while order book increased by 13% y/y to EUR 41.9m. IM Q4 revenue amounted to EUR 65.5m, up by 1% y/y, compared to the EUR 68.0m/67.0m Evli/consensus estimates. IM gross margin was 61.5% (61.6% a year ago) while EBITA amounted to EUR 11.9m (EUR 14.0m), compared to our EUR 13.5m estimate, thus EBITA margin was 18.2% (21.6%).
- IM demand was strong as orders received increased by 21% in constant currency terms, driven by the industrial market where big orders from US data center customers as well as annual orders in China contributed.
- Weather & Environment orders received decreased by 1% y/y to EUR 80.8m, whereas order book declined by 19% y/y to EUR 143.9m. W&E Q4 revenue landed at EUR 96.9m, down by 6% y/y, vs the EUR 97.3m/96.5m Evli/consensus estimates. W&E gross margin was 50.4% (53.1%) and EBITA came in at EUR 14.2m (EUR 16.3m) vs our EUR 11.1m estimate. W&E EBITA margin was therefore 14.7% (15.8%).
- W&E demand developed twofold as aviation and meteorology saw significant increases in orders received while renewable energy and roads market segments saw very strong declines.
- The BoD proposes a dividend per share of EUR 0.86 to be distributed for FY’25, compared to the EUR 0.86/0.86 Evli/consensus estimates.
- Vaisala guides FY’26 revenue to be in the range of EUR 600-630m and EBITA in the range of EUR 95-110m.