European revenue was EUR 44.3m vs our EUR 38.0m estimate. Americas recorded EUR 66.8m, compared to our EUR 68.0m estimate.
Gross profit stood at EUR 17.3m, while we expected EUR 15.9m. Gross margin thus amounted to 15.6% vs our 15.0% estimate.
Suominen Q4 EBIT amounted to EUR 8.5m, compared to our EUR 8.7m estimate. SGA and other expenses were higher than we estimated, and thus Suominen did not top our EBIT estimate despite bringing in revenue and gross margin higher than we expected.
Suominen guides FY ’21 comparable EBITDA to be in line with FY ’20. In our opinion the guidance sits well with our latest estimate and we don’t see scope for big estimate revisions. Suominen expects nonwovens demand to remain strong, however volatile raw material and transportation prices increase uncertainty.
The Board of Directors proposes EUR 0.10 per share dividend distribution for FY ’20, compared to our EUR 0.07 expectation. An additional EUR 0.10 per share return of capital is also proposed.
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