Q2 report due on Wednesday, 17 August
Strong production volumes, sampling cups decline y-o-y
Full order books support stable sales if demand declines
Pre-released figures show strong production, softer sales
On 12 July, SinterCast pre-released selected H1 figures ahead of the report. Series production volumes came in at 3.6m engine equivalents (ABGSCe 3.5m), up 13% y-o-y, but sales were down 1% y-o-y at SEK 27.9m (-15% vs. ABGSCe 32.7m). This was partly due to a 37% y-o-y decline in sampling cup sales volumes (Q2’21 was a record quarter for sampling cups). Driven by a favourable revenue split and positive FX effects on a strong USD, we estimate a strong gross margin of 75% (70%) and adj. EBIT of SEK 7.5m, for a margin of 27% (26%). This includes a one-off expense tied of the termination of a deferred purchase agreement of a System 4000 (which the company has said will not result in lost sales, as there was no CGI production in this foundry).
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