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Raute - Low profitability, high orders

Raute’s Q1 revenue and order intake were above our estimates, however inflation had a larger negative effect than we had expected as EBIT clearly missed our estimate.
  • Q1 revenue grew by 67% y/y and was EUR 41.3m, compared to our EUR 34.0m estimate. Russian revenue amounted to EUR 14m, compared to our EUR 12m estimate.
  • EBIT came in at EUR -1.5m, compared to our EUR 0.2m estimate. Inflation had a significant negative effect on the results.
  • Order intake amounted to EUR 36m during the quarter, compared to our EUR 29m estimate. The figure does not include any major mill projects. Project orders were EUR 16m vs our EUR 14m estimate. Service orders were EUR 20m vs our EUR 15m estimate. Especially North American orders, at EUR 15m, were high and topped our EUR 7m estimate.
  • Order book stood at EUR 152m at the end of Q1, of which EUR 78m is attributable to Russia.
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