Seventh quarter of EBIT improvements
Cavotec reported Q3 sales of EUR 44m, +5% y-o-y (+4.8% org., 0.3% FX). We had expected higher orders in the quarter, and order intake was slightly lower both y-o-y (-5%) and q-o-q (-10%) at EUR 36m. As a result of the company's change programmes, however, profitability and margins continued to improve both q-o-q and y-o-y, with EBIT of EUR 3m (2m in Q3'23) for a margin of 7% (4% in Q3'23). FCF lease-adj. was negative at EUR -1.8m due to lower customer pre-payments and increased receivables, but should improve in the coming quarters as the company continues to focus on its working capital.
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