SRV - Profitability shaping up

SRV's net sales in Q1 amounted to EUR 187.1m, below our estimates and slightly below consensus (EUR 205.7m/196.0m Evli/cons.). EBIT amounted to EUR 5.2m, above our and consensus estimates (EUR 4.4m/3.2m Evli/cons.).
  • Revenue in Q1 was EUR 187.1m (EUR 208.1m in Q1/20), below our estimates and slightly below consensus estimates (EUR 205.7m/196.0m Evli/Cons.). Growth in Q1 amounted to -10.1% y/y.
  • Operating profit in Q1 amounted to EUR 5.2m (EUR 4.5m in Q1/20), above our estimates and consensus estimates (EUR 4.4m/3.2m Evli/cons.), at a margin of 2.8%. The operative operating profit amounted to EUR 4.8m (Evli EUR 4.4m).
  • EPS in Q1 amounted to EUR 0.00 (EUR -0.04 in Q1/20), below our and consensus estimates (EUR -0.01/-0.01 Evli/cons.).
  • The order backlog in Q1 was EUR 1,061m (EUR 1,361m in Q1/20), down by -22 %.
  • Construction revenue in Q1 was EUR 187.1m vs. EUR 204.6m Evli. Operating profit in Q1 amounted to EUR 5.2m vs. EUR 6.6m Evli.
  • Investments revenue in Q1 was EUR 1.0m vs. EUR 1.1m Evli. Operating profit in Q1 amounted to EUR -0.4m vs. EUR -1.3m Evli.
  • Other operations and elim. revenue in Q1 was EUR -1.7m vs. EUR 0.0m Evli. Operating profit in Q1 amounted to EUR -1.3m vs. EUR -0.9m Evli.
  • Guidance intact: Consolidated revenue for 2021 is expected to amount to EUR 900-1,050m and operating profit is expected to improve on 2020 and amount to EUR 16-26m.
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