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 ....
