Net sales were 1.646 billion kronor, against an expected 1.602 billion, and operating margin was 8.1 percent. Expected was a margin of 7.2 percent.
Profit before tax was 135 million SEK. Expected was 110 million.
Net profit amounted to SEK 100 million. It was expected 80 million. Per share earnings were SEK 1.91. SME forecast stated at 1.54 per share.
Systemair rises clear on Thursday after quarterly report, which was significantly better than expected.
Among other things, it contained an adjusted operating margin of 8 , 1 percent against the anticipated 7.6 percent and organic growth of the entire 7.4 percent, more than twice as much as expected.
“growth is good in several of our markets, although we like to have seen a stronger development in parts of Western Europe and a recovery in Russia, “writes CEO Roland Kasper in the report.
Previous messages of an ongoing restructuring program is repeated, as well as parallel measures to improve earnings in different parts of Systemair underway, with the goal of returning to an operating margin of 10 percent.
the sales, which overall exceeded expectations by 3 percent, was stronger than expected in North and South America, and the “other” markets (mainly Turkey and Middle East), while the Nordic countries and Eastern Europe / CIS undercut expectations.
sales in Russia, which is now down to 5 per cent of Systemair’s sales to 8 percent a year ago, fell by 38 percent during the quarter, of which 13 percentage points were due to ruble weakening.
About 20 minutes after the report was Systemair shares up more than 5 percent, or SEK 6, at a price of 119.50 SEK.
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