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Systemair Q1 2023/24: Solid beat - Redeye

Redeye is encouraged to see strong Q1 numbers across the board. Organic growth of 11% with healthy operating leverage, resulted in EBIT margins of 10.5%. Market demand remains firm and Systemair saw surprisingly good growth in several markets. Order bookings exceeded sales in the quarter, indicating at least a near-term positive outlook. We will probably raise our sales and earnings forecasts for the current year.

Redeye is encouraged to see strong Q1 numbers across the board. Organic growth of 11% with healthy operating leverage, resulted in EBIT margins of 10.5%. Market demand remains firm and Systemair saw surprisingly good growth in several markets. Order bookings exceeded sales in the quarter, indicating at least a near-term positive outlook. We will probably raise our sales and earnings forecasts for the current year.
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