Etteplan - Profitability below expectations
Etteplan’s sales and EBIT from business operations were at EUR 89.8m and EUR 6.1m respectively. EBIT was below our estimates especially due to weaker profitability in Software and Embedded solutions.
- Net sales in Q2 were EUR 89.8m (EUR 89.3m in Q2/22), slightly below our estimates and consensus estimates (EUR 93.2m/93.9m Evli/Cons.). Growth in Q2 amounted to 0.7% y/y, of which 0.3% organic growth (3.2% and 2.7% at comparable FX respectively).
- EBIT in Q2 amounted to EUR 6.1m (EUR 6.8m in Q2/22), below our estimates and consensus estimates (EUR 7.8m/7.6m Evli/cons.), at a margin of 6.8%. EBIT was affected by weak profitability in the Software and Embedded Solutions segment as it faced particularly difficult market conditions.
- EPS in Q2 amounted to EUR 0.15 (EUR 0.22 in Q2/22), below our estimates (EUR 0.22 Evli).
- Net sales in Engineering Solutions in Q2 were EUR 51.0m vs. EUR 50.8m Evli. EBITA in Q2 amounted to EUR 5.2m vs. EUR 5.3m Evli.
- Net sales in Software and Embedded Solutions in Q2 were EUR 21.2m vs. EUR 23.2m Evli. EBITA in Q2 amounted to EUR 1.1m vs. EUR 2.2m Evli.
- Net sales in Technical Communication Solutions in Q2 were EUR 17.4m vs. EUR 19.0m Evli. EBITA in Q2 amounted to EUR 1.4m vs. EUR 1.7m Evli.
- Guidance for 2023 specified: revenue in 2023 to be EUR 360-380 (previously 360-390) million, and operating profit (EBIT) in 2023 to be EUR 28-31 (previously 28-33) million.