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Aspo’s Q2 group-level EBIT was known before the report. We make minor upward revisions to our estimates, and we see Aspo on a firm track towards full profitability potential.
Q2 operating profit and full-year guidance were already pre-announced, eliminating any major excitement from the earnings report on 11 August, but the market environment has been favourable for Aspo and the outlook for H2 2021 is strong.
In line with pre-released figures, Aspo reported Q2 EBIT of EUR 9.6m. Net sales amounted to EUR 143m, 6% above Infront consensus. Cargo market returned to nearly normal level during Q2.
Aspo released preliminary information regarding Q2 results already last week and so the Q2 report was no news event in terms of group-level EBIT. Telko’s profitability was higher than we expected.
A very good demand environment has led Aspo to upgrade its 2021 EBIT guidance to EUR 30-36m, the midpoint being 6.5% above market (Refinitiv) consensus.
Aspo now guides EUR 30-36m in FY ’21 EBITThe guidance range midpoint is a positive surprise compared to the EUR 31.2m/30.9m Evli/cons.
Aspo already reached 6% long-term EBIT target in Q1Aspo’s EUR 132m Q1 revenue was in line with estimates while the EUR 7.9m EBIT represented a record high and topped the EUR 6.8m/6.2m Evli/cons. estimates.
After two challenging years, Aspo is finally reaching its potential within its ESL Shipping and Telko segments. Q1 operating profit was a whole 28% above Infront consensus.
Aspo reported Q1 EBIT of EUR 7.9m, +28% / +25% versus Infront consensus / Nordea estimates, respectively. Net sales amounted to EUR 132m, fairly in line with expectations. Cargo market continued to recover in Q1.
Aspo’s Q1 profitability was a clear positive surprise relative to estimates.