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Third party research

Impact Coatings: Sales beat, EBIT slightly below - ABG

Impact Coatings

This is a third party research report and does not necessarily reflect our views or values

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Sales SEK 42m and EBIT SEK -3.7m (vs. ABGSCe 36m and -2.6m)
Higher costs during the quarter, mainly due to relocation
Continued strong momentum in China


Sales beat, EBIT slightly below

Sales came in stronger than expected at SEK 42m (+18% vs. ABGSCe 36m), +10% y-o-y. Coating Systems came in at SEK 27m (30.2m), driven by a delivery of an INLINECOATER 2000 during the quarter and Coating Services came in at SEK 10.4m (4.4m). EBIT came in at SEK -3.7m (vs. ABGSCe -2.6m), for a margin of -9% (ABGSCe -7%). The lower EBIT was partly due to higher operational costs than we expected during the quarter, with higher personnel costs including hired staff and elevated rental costs due to the company relocating its offices. But we estimate y-o-y underlying opex decreased by approximately SEK 6m. Additionally, FCF lease adj. came in at SEK -35m (vs. ABGSCe -33m).
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