Consti - Order intake on the softer side
Consti's net sales in Q1 amounted to EUR 65.5m, only slightly higher than our estimate (Evli est. EUR 64.5m.), with decline of 4.9% y/y. EBIT amounted to EUR 0.2m, weaker than our estimates (Evli est. EUR 0.5m).
- Net sales in Q1 were EUR 65.5m (EUR 68.9m in Q1/23), slightly above our estimates (EUR 64.5m). Sales declined 4.9% y/y.
- As we estimated, Public Sector and Building Technology business areas kept delivering growth while the larger Housing Companies and Corporations business areas declined further
- Operating profit in Q1 amounted to EUR 0.2m (EUR 0.7m in Q1/23), below our estimates (EUR 0.5m) at a margin of 0.3% (1.0%). We assume that the EBIT miss is mostly related to project mix changes y/y.
- EPS in Q1 amounted to EUR -0.00 (EUR 0.04 in Q1/23), also below our estimates (EUR 0.03)
- The order backlog at the end of Q1 was EUR 244.4m (EUR 253.8m in Q1/23), down 3.7% y/y. Order intake was EUR 36.3m in Q1 (Q1/23: EUR 58.6m).
- The order intake figure was a clear letdown as the competition remained intense coupled with the company’s disciplined tendering activities.
- Free cash flow amounted to EUR -0.5m (Q1/23: EUR -1.0m).
- Guidance for 2024 (unchanged): Operating result for 2024 will be in the range of EUR 9–12 million