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Alfa Laval’s Q3 figures were in line with the consensus on orders, marginally below on sales, but ahead of on profits. Organic order growth came from the Energy and Marine division, while the sales growth came from backlog execution amidst easing supply chains. The adjusted EBITA increased due to higher sales and the benefits of the previously-announced restructuring. CFO and FCF showed good improvements. For Q4 23, the company expects the demand dynamics to remain similar to those of the Q3.
Companies: Alfa Laval (ALFA:STO)Alfa Laval AB (ALFA:OME)
Alfa Laval printed another strong result, beating consensus across the board. Order growth came from the Energy and Marine divisions alongside good growth in Service. Revenues increased on the back of strong backlog execution. This increased invoicing led to an increase in adjusted EBITA and net income. CFO and FCF generation improved due to somewhat better working capital management. For Q3 23, the company expects the demand dynamics to remain unchanged but sees them being affected by seasonali
Alfa Laval delivered a strong beat versus consensus estimates across the board. Order growth was supported by solid demand across two out of three divisions and good growth in Service. Revenue growth was driven by stabilising supply-chains which led to a level of backlog execution. Consequently, adjusted EBITA was also lifted with attractive margins backed by price and volume growth. CFO and FCF were decent but inventory levels remained high. For Q2, the demand is expected to be sequentially low
Alfa Laval’s Q4 figures beat consensus across the board. This result also led to a beat in the 2022 figures. Orders and revenues grew in almost all end-markets and across most geographies. Service growth was decent. Adjusted EBITA increased due to higher invoicing. The group also announced a new investment programme for the next 3-4 years and the board will propose a dividend of SEK6.0. The demand in Q1 is expected to be somewhat similar to that in Q4.
Alfa Laval’s Q3 figures were above consensus estimates on orders, in-line on revenues but short on profitability. Orders and revenues grew by double-digits with solid demand across most geographies and several end-markets. Service growth was also strong. Adjusted EBITA, however, was impacted by a softer performance in two of the three divisions. CFO and FCF were lower due to increased levels of inventory. In Q4, the group expects demand to be fairly similar to its Q3 level.
Alfa Laval’s Q2 results were above consensus estimates on all fronts. Orders and revenues recorded double-digit growth with demand coming from most end-markets and all key geographies. Adjusted EBITA also grew by double-digits although margins slightly contracted. The aftermarket business performed better qoq. CFO and FCF, though, were weaker due to an inventory build-up. The group also announced a new CFO replacing Jan Allde from November. For the Q3, the group expects demand to be slightly low
Alfa Laval’s Q1 figures were a mixed bag vs. consensus expectations. While orders were ahead of consensus, revenues were slightly below and adjusted EBITA in line. The demand came from most end markets and geographies. The aftermarket business performed decently. The group also signed an agreement to buy Desmet, which should become a part of the group in Q2. For Q2, the group expects demand to be slightly lower than in Q1.
While Alfa Laval’s full-year numbers were broadly in line with expectations, Q4 was the strongest quarter of the year and better than Q4 20. Order intake was robust for the majority of 2021 even as revenues and adjusted EBITA were flat. The aftermarket business grew strongly as well. The board will propose a dividend of SEK6.0 and to buy back up to 5% of issued capital. The outlook for Q1 22 is expected to be better than this quarter.
Alfa Laval’s results were a mixed bag when compared to the consensus but showed clear growth over Q3 20. Orders were again the strongest part of the release, whereas revenues and adjusted EBITA rose in single-digits. The service business also registered all round growth. Profitability continued to be better than expected. For Q4, the group expects an environment similar to Q3. This would imply that revenues are likely to decline over 2020 but profitability will clearly be better.
Alfa Laval’s Q2 results were at par with expectations but below last year’s Q2 figures with the exception of orders, which were particularly strong. Revenues and adjusted EBITA declined slightly over the last year. CFO, though, declined by 50% due to higher working capital requirements. Margins were a touch above the previous quarter. Considering Q2 figures, it appears that growth rates are likely to be flat in 2021 but higher than expected in 2022.
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.
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.
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.
Companies: Alfa Laval AB
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.
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