Q1'24 report
The Q1 report came in above our sales and earnings expectations. Sales declined by -5% y-o-y (of which -4% org. decline y-o-y, vs. ABGSCe -7%) to SEK 929m (+3% vs. ABGSCe). Adj. EBIT came in at SEK 38m (+17% vs. ABGSCe). The adj. gross margin of 29.0% was slightly better than our estimated 28.6%, likely due to a better product mix. Cash flow from operations of SEK 21m (vs. ABGSCe -113m) was much better than we had anticipated, as the company appears to have a more nimble approach to working capital management than we had previously assessed.
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