Etteplan - Fairly well in line with estimates
Etteplan's Q1 results were largely as expected, with slight earnings miss vs. our estimates driven by lower profitability for Engineering Solutions service area.
• Net sales in Q1 were EUR 97.1m (Evli est. EUR 98.6m, EUR 95.0m in Q1/23), revenue increased 2.3% y/y, only slightly below our estimate.
• EBIT in Q1 amounted to EUR 6.7m (Evli est. EUR 7.3m, EUR 6.3m in Q1/23), at a margin of 7.0%.
• EPS in Q1 amounted to EUR 0.16 (Evli est. EUR 0.18, EUR 0.17 in Q1/23).
• Net sales in Engineering Solutions in Q1 were EUR 52.3m (Evli est. EUR 54m), EBITA in Q1 amounted to EUR 4.7m (Evli est. EUR 5.3m). Engineering Solutions was the main driver behind the slightly weaker profitability than we had estimated. According to Etteplan, the service areas demand slowed particularly in Finland and Germany. In addition, the company had some operational efficiency issues in Germany that affected the profitability.
• Net sales in Software and Embedded Solutions in Q1 were EUR 26.3m (Evli est. EUR 25.5m), EBITA amounted to EUR 2.4m (Evli est. EUR 2.0m).
• Net sales in Technical Communication Solutions in Q1 were EUR 18.5m (Evli est. EUR 18.8m), EBITA amounted to EUR 1.4m (Evli est. EUR 1.5m).
• The demand situation continued challenging during the first quarter as expected yet the company has seen the first signs of market improvement in Europe and expects the demand situation to improve to a good level during the rest of the year.
• EBIT in Q1 amounted to EUR 6.7m (Evli est. EUR 7.3m, EUR 6.3m in Q1/23), at a margin of 7.0%.
• EPS in Q1 amounted to EUR 0.16 (Evli est. EUR 0.18, EUR 0.17 in Q1/23).
• Net sales in Engineering Solutions in Q1 were EUR 52.3m (Evli est. EUR 54m), EBITA in Q1 amounted to EUR 4.7m (Evli est. EUR 5.3m). Engineering Solutions was the main driver behind the slightly weaker profitability than we had estimated. According to Etteplan, the service areas demand slowed particularly in Finland and Germany. In addition, the company had some operational efficiency issues in Germany that affected the profitability.
• Net sales in Software and Embedded Solutions in Q1 were EUR 26.3m (Evli est. EUR 25.5m), EBITA amounted to EUR 2.4m (Evli est. EUR 2.0m).
• Net sales in Technical Communication Solutions in Q1 were EUR 18.5m (Evli est. EUR 18.8m), EBITA amounted to EUR 1.4m (Evli est. EUR 1.5m).
• The demand situation continued challenging during the first quarter as expected yet the company has seen the first signs of market improvement in Europe and expects the demand situation to improve to a good level during the rest of the year.