Etteplan - Weak quarter as expected
The weakness of Etteplan’s Q3 came as a no surprise as the company released two profit warnings before the Q3 print. While we expected weak figures, profitability was still a touch softer than estimated.
- Net sales in Q3 were EUR 80.0m (Evli est. EUR 79.6m, EUR 80.0m in Q3/23), revenue was flat compared to last year helped by inorganic growth, in line with our estimates.
- Organic net sales decreased by 4.2%, revenue from key accounts decreased by 10.1%.
- EBIT in Q3 amounted to EUR 1.4m (Evli est. EUR 1.8m, EUR 5.0m in Q3/23), at a margin of 1.8%.
- The combined effect of NRI’s on EBITA and EBIT was EUR -2.2m for the quarter of which EUR -0.8m was related to the correction of an accounting error in Sweden.
- EPS in Q3 amounted to EUR 0.00 (Evli est. EUR 0.02, EUR 0.10 in Q3/23).
- Net sales in Engineering Solutions in Q3 were EUR 42.0m (Evli est. EUR 41.7m), EBITA in Q3 amounted to EUR 1.2m (Evli est. EUR 1.7m).
- Net sales in Software and Embedded Solutions in Q3 were EUR 21.7m (Evli est. EUR 22.1m), EBITA amounted to EUR 1.5m (Evli est. EUR 1.1m).
- Net sales in Technical Communication Solutions in Q3 were EUR 16.2m (Evli est. EUR 15.7m), EBITA amounted to EUR 0.6m (Evli est. EUR 0.6m).
- The segments were roughly in line with estimates, yet Engineering Solutions was softer than expected as the non-recurring costs impacted the segment more than we estimated (EUR -1.7m effect).
- Guidance (issued on Oct 15th, 2024): Revenue is estimated to be EUR 355-370m and EBIT EUR 18-22m.