Q1 outcome
Sales was SEK 2,442m (+5% vs. ABGSCe 2,322m, +4% vs. FactSet cons 2,356m), down 1% y-o-y, of which -2% organic (ABGSCe -6%). EBITA was SEK 238m (+22% vs ABGSCe 195m, +21% vs. cons 196m), for an EBITA margin of 9.7% (ABGSCe 8.4%, cons 8.3%), up 1.9pp y-o-y, and this includes no NRIs (ABGSCe/cons 0). Both segments beat our expectations on EBITA materially (Medical 10% above, Engineering 44% above). The positive y-o-y margin development was driven by favourable product mix (partly from growing IVD sales) and realised cost cuts in the Chinese business. Cash flow was negative due to NWC build-up and high capex, but overall we still se this as a strong report.
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