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Enersense - Profit figures topped our estimates

Enersense’s Q1 profitability figures topped our estimates. The company reiterates its guidance, however Q2 profitability will be relatively weak this year due to project delays caused by the war.
  • Q1 revenue was EUR 53.8m, compared to our EUR 54.2m estimate. Smart Industry amounted to EUR 16.6m vs our EUR 22.5m estimate, while Power was EUR 14.3m vs our EUR 11.2m estimate. Connectivity came in at EUR 9.3m, compared to our EUR 8.6m estimate, International Operations EUR 13.5m vs our EUR 11.9m estimate.
  • Adjusted EBITDA landed at EUR 5.5m vs our EUR 2.7m estimate. EBIT was EUR 3.2m, compared to our EUR 0.4m estimate.
  • Order backlog was EUR 295.5m at the end of Q1.
  • Enersense expects Q2 to be the weakest quarter this year in terms of profitability as the war has caused delays in projects during the spring. Inflation, material availability issues and virus infections can also delay projects and impair their profitability.
  • Enersense guides EUR 245-265m in revenue and EUR 15-20m in adjusted EBITDA for FY ’22 (unchanged).
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