Another quarter with shortages and supply chain issues
Boule delivered a soft report as demand weakened and component shortages led to output issues. Sales missed by 13% vs. ABGSCe, and both EBIT and net profit were 80% below our expectations. Sales were down 8.1% organically. This was in part a result of a sharp dollar appreciation. As its prices are denominated in USD, it meant products became more expensive, which in turn hurt volumes. Despite Boule raising prices, the higher cost of the products dampened volumes more than pricing could offset. Although Boule seems to have more headwinds than we expected, gross margins were in line with ABGSCe at 41%, suggesting slightly better underlying profitability. What we did not expect was retroactive custom duties that hurt the gross margin by 90bp. The main issues are rising component costs, which weighed on the gross margin by 350bp. Eastern Europe was the only region that stood out, with 25% higher revenues than ABGSCe.
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