Alfa Laval’s Q1 results were broadly in line with our and consensus expectations but much lower when compared to the year before. Orders, sales, and adjusted EBITA, all declined by mid-teen percentages. The positive, however, was a similar level of CFO despite the decline in operating performance. Margins, too, improved to some extent as a result of the cost actions. No major changes for now but we see 2021 leaning more towards H2 than H1.
Companies: Alfa Laval (ALFA:STO)Alfa Laval AB (ALFA:OME)
Alfa Laval’s Q4 and FY20 figures were pretty much in line with our expectations. Revenues and orders improved sequentially but were down yoy. Nevertheless, the group benefited from its cost-saving efforts and was able to expand margins, even if only marginally. Of the group’s three divisions, Food & Water recovered the most and helped the group achieve a reasonable showing.
Companies: Alfa Laval AB
Alfa Laval’s Q3 figures were weak and in line with our expectations. Despite Net sales and adj. EBITA being lower by 8% yoy, margins largely remained flat showing that the cost programme is bearing fruit.
Alfa Laval posted better than expected Q2 20 figures. The recent cost programme implemented by Alfa Laval to protect the group’s profitability is bearing fruit: the EBITA margin improved to 17.2% (+70bp yoy).
Alfa Laval reported rather solid results given the current situation, with both orders and revenues remaining resilient. Management decided to withdraw the dividend in order to protect cash and it expects demand in the second quarter to be lower than in the first quarter.
Alfa Laval reported a strong set of Q4 results, with both sales and adjusted EBITA beating consensus (6% above for EBITA). The only downside of this release was on orders which slipped 6% organically (c.2% below consensus), mainly due to Marine. All divisions have contributed to growth. The favourable trend in both Food and Energy end-markets still drives the performance, further propped up now by Marine thanks to the IMO regulation.
The return to growth in Marine was much appreciated when the Q3 figures came out. This was, once again, largely driven by the IMO 2020 sulphur regulation. Now, the question is rather to identify where the industry is going and what level of growth in scrubbers is sustainable.
Alfa Laval reported a strong set of Q3 results, with both sales and adjusted EBITA growing in double-digits. Following a weak momentum in Q2, the Marine division was back in positive territory at record levels. This trend should continue to be supported by the IMI 2020 regulation, and management gave a positive outlook for Q4, with demand expected to be somewhat higher compared to this quarter.
Alfa Laval reported a mixed set of results, with declining orders due to both pumping systems and scrubbers, a better than expected development in Energy and Marine, while Food and Water underperformed and affected the whole group’s performance. The Marine division continues to drive growth thanks to good deliveries and execution. Management remains confident and expects demand to be “somewhat higher” in Q3 compared to Q2.
Alfa Laval reported a good set of results, once again driven by the Marine division which continues to benefit from strong orders for scrubbers PureSOx and, as expected, demand for PureBallast (ramp-up). The only dampener from this release is the cautious Q2 outlook given by management, expecting to be “somewhat lower” than the first quarter.
Order intake and earnings were weaker than expected in Q4. The Energy business reported decreasing margins (-130bp), and FX headwinds have not helped despite strong demand for environmental products. Indeed, in the Marine division (growth driver), we continue to see a positive trend but at a slower pace, while the Energy business dragged down the performance due to overcapacity. Has the peak been reached? What is clear is that growth would continue in the coming quarters, but at a slower pace.
Alfa Laval reported strong Q3 results. Orders intake increased by 35% over the quarter and +26% on an organic basis. Net sales increased +24% to SEK10.1bn, while adjusted EBITA was up +33% to SEK1.7bn (including a positive FX impact of SEK50m). The gross margin progressed to 34% (+20bp), while the adjusted EBITA margin progressed from 16% to 17.1%. Free cash flow increased +12.7% to SEK877m.
Revenues were SEK10.1bn and operating income came in at SEK1.4bn, both are beating consensus expectations.
The order intake increased by 12% to SEK9.7bn, mainly driven by the buoyant Marine division and the continuing positive trend in the Food & Water division during the year.
Outlook 2018: management expects the demand in Marine & Energy division to decrease sequentially in Q1. Meanwhile, Food & Water should continue its upward momentum and be somewhat higher than in Q4 17.
The Q3 17 revenue was SEK8.2bn (-5% yoy), and the adjusted EBITA was SEK1.3bn, both below the consensus expectations but in line with our estimates.
The order intake came in at SEK8.4bn (+12% yoy), mainly driven by the good order intake for environmental applications and improved contracting for the ship made in the Marine division.
Free cash flow from operating activities was SEK1.0bn (15% yoy).
Management expects that demand in Q4 should be higher than in Q3.
Q2 17 net sales were SEK8.9bn, above consensus expectations.
The adjusted EBITA was SEK1.41bn (+1.2% vs 2016), beating consensus by 5%. Net income, at SEK479m, has been impacted by currency effects in the revaluation of loans.
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Construction and engineering services company nmcn has today announced the details of its previously reported intention to refinance the Group, which had been hit by trading- and pandemic-hit losses. A total of £24m of equity and convertible bridging finance has been conditionally agreed with UK restructuring specialist Svella and other investors, while existing shareholders can participate through an additional £5m open offer - all priced at 20p per share. The Group’s existing bank, Lloyds, has
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Companies: Directa Plus Plc
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