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Pääanalyytikko
Suominen’s Q3 gross margin was hit hard, but the guidance and comments on Q4 volumes prompt us to make some positive estimate revisions for next year.
In the quarter affected by destocking-driven slowdown in demand and high input costs, Suominen EBITDA declined to EUR 4.2m, to a lower level than EUR 9m expected by consensus, but the company started to see recovery towards the end of the quarter and
Suominen’s Q3 revenue was close to estimates, but gross margin plunged 5.5%. EBITDA therefore fell to EUR 4.2m, way below estimates. Suominen nonetheless sees demand recovery is already underway.
Deceleration of demand in North America and a rapid increase in costs will dent H2 margins, as indicated by company guidance. There is scope for a margin recovery once the destocking phase is over. Marketing material commissioned by Suominen Oyj.
Suominen releases Q3 results on Oct 28.
Suominen’s earnings will now correct to a lower level from their recent peak. We believe, despite the setback and increased uncertainty, that Suominen’s value chain positioning is still good, and decent margins will remain.
Suominen reported higher-than-expected earnings in Q2 and provided an explanation for the lowered outlook that the company issued on 12 August.
Suominen reported higher than expected earnings in Q2 and provided some more colour on the reasons for the lowered outlook the company issued yesterday.
Suominen’s Q2 margins remained strong, but focus is now on the color Suominen provides on demand slowdown and inventory build-up in North America.
Suominen lowered its outlook for this year due to a slower market and temporary imbalance in nonwovens materials, especially in North America, following the extraordinary peak in demand during the early stages of the pandemic.
