Stronger order intake, but lower sales
Cavotec reported order intake of EUR 44m (+7% vs. ABGSCe 41m), +10% y-o-y. However, sales came in lower than expected at EUR 36m (-17% vs. ABGSCe 43m), -16% y-o-y. Management writes that increased global economic uncertainty has made customers more cautious, leading to postponed orders with shorter lead times that would typically have been booked and invoiced within the year. EBIT adj. also declined at EUR -0.38m (vs. ABGSCe 3.4m), for a margin of -1% (ABGSCe +8%), mainly driven by the lower sales but also ramp-up costs ahead of major P&M deliveries. In addition, EBIT also included a one-off EUR 0.34 m cost for relocating the registered office to Sweden. FCF lease adj. came in at EUR -1.4m (-15% vs. ABGSCe -1.7m).
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