Vaisala - Very strong performance
Vaisala delivered very strong figures for Q2/24 as our estimates were topped on both net sales and EBIT. With the strong performance, the lower ranges of the guidance were increased for both net sales and EBIT.
- Q2 group result: Orders increased 14% y/y while the order book stood at EUR 196.9m, growing 18% compared to last year. Group net sales increased by 13% to EUR 148.4m, topping our estimate of EUR 134.4m by a wide margin. Gross margin was on a strong level at 57.0% (55.1% Q2/23). EBIT amounted to EUR 23.7m (15.4/15.4m Evli/cons.), reflecting a margin of 15.9% (9.1%). The strong margin was driven by improved gross margin and continued successful cost consciousness.
- Industrial measurements (IM): Orders increased by 8% y/y while order book declined to EUR 36.3m (-2%). Net sales were at EUR 56.5m, growing 7% y/y Net sales increased in power and energy as well as in life science market segments and very strongly in power and energy. Service sales grew 43% y/y driven by growth in installed base from last year. IM gross margin jumped to 64.0% (59.7%) and EBIT to EUR 12.3m with a margin of 21.7% (Q2/23 EUR 6.8m, 12.9%).
- Weather and Environment (W&E): Orders received increased by 18% (FX 19%) y/y while order book was up by 23% y/y. W&E’s net sales increased by 18% (FX 16%) to EUR 91.9m. Service and project sales grew strongly in the quarter. Net sales grew in all market segments, very strongly in aviation and roads market segments. Gross margin improved to 52.7% (Q2/23 51.9%).
- Outlook 2024 (estimate ranges specified): New: Net sales EUR 540-570m and EBIT EUR 68-78m. Previously: Net sales EUR 530-570m and EBIT EUR 63-78m. Our current estimate: Net sales EUR 546m and EBIT at EUR 70m, both at the lower range of the updated guidance.