Orders down 25% y/y compared to our estimate for -15% (no consensus). The order intake sequentially improved from Q2 (-46%) as Glaston had guided, but less than we expected. Sales 18% below our estimate, declining by 34% y/y. Divisionally, Heat Treatment (HT) and Automotive & Emerging technology were weak, and in HT the orders actually declined sequentially. The Insulating Glass (IG) business performed better and its orders were up 1% y/y. Adj. EBITA was close to our expectations, thanks to cost-savings and synergies supporting earnings.
Outlook and guidance
Unchanged - comparable EBITA to decline in 2020. Q4 orders to improve from Q3 but remain below previous year's level.
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