Miss on revenues but beat on EBIT due to US dollar
Q3 sales amounted to SEK 29.8m, growing 18% y-o-y, but missing our estimate by 11%. The reason for the miss was a slower than expected September due to supply chain constraints affecting two high-volume programmes. Annualised engine equivalents came in at 3.6m, up 13% y-o-y. The gross margin reached its highest point since Q3’19, coming in at 78%, thanks to the strong US dollar as well as a favourable sales mix. EBIT amounted to SEK 12.9m, beating our estimate by 24%, and corresponding to a margin of 43%. This was due to a positive contribution from revaluations of US dollar receivables. The company mentioned the strong ramp-up of the new Scania commercial vehicle production as the highlight of the quarter, and described it as a driver of continued growth throughout Q4 and into 2023.
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