Vaisala - No big surprises
Vaisala had given preliminary figures ahead of Q3 and as such contained no surprises on group level. Net sales grew by 19% y/y to EUR 111.5m and EBIT amounted to EUR 19.2m. Order received grew by 29% y/y and order book remained on a record level.
- Group results: As expected, net sales grew by 19% y/y to EUR 111.5m vs. 111.5/111.5m Evli/cons. and EBIT amounted to EUR 19.2m (17.3% margin) vs. 19.2/19.2m Evli/cons. EPS was slightly below our expectations, EUR 0.44 vs. 0.46/0.47 Evli/cons.
- Orders received and order book: Orders received grew by 29% y/y, totaling EUR 109.9m. Order book was on a record level and grew by 22% y/y, totaling EUR 164.8m. Aviation over doubled its orders received, while industrial measurement, life-science, and renewable energy received strong number of orders.
- Weather & Environment (W&E): W&E grew by 9% y/y to EUR 64.4m (Evli: 63.4m). Growth was driven by renewable energy and aviation. EBIT totaled to EUR 5.3m (8.2% margin).
- Industrial Measurements (IM): IM grew by 35% y/y to EUR 47.1 (Evli: 48.1m), driven by industrial measurement, life-science, and power industry. EBIT totaled to EUR 14.2m (30.2% margin).
- No change in FY’21 guidance (revised on Oct 19th): net sales of EUR 425-440m and an EBIT of EUR 48-58m.
- Market outlook: High-end industrial instruments, life science, and power industry markets is expected to continue to grow. Liquid measurements market is expected to continue to recover. Meteorology market in developed countries is expected to remain flat, while in developing countries demand is expected to continue to suffer and recovery is expected to take longer. Aviation market is expected to recover gradually. Ground transportation market is expected to be stable. Renewable energy market is expected to continue to grow.