Bittium's sales grew 98% in Q3, driven by Defence & Security, ahead of our expectations. This led also to strong earnings growth, although depreciation was also high. Order intake was flat in D&S and was below our expectation in seasonally small order quarter. Guidance was upgraded yesterday, indicating stronger profitability. While sales estimate revisions are likely to be small and new clients are needed to continue growth in Q3, the report supports margin profile.
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