Garo: A slightly disappointing Q3 report - ABG

EBIT SEK 37m vs. ABGSCe SEK 41m
Disappointing guidance for Q4’22
Conference call at 09.30 CET


Q3’22 results

GARO had sales of SEK 317m, which were in line with our expectations (-1% vs. ABGSCe SEK 321m and -2% vs. FactSet consensus SEK 324m). E-mobility sales came in at SEK 92m, slightly disappointing as we had expected SEK 100m, due to component issues and long waiting times for EV deliveries dampened the demand somewhat. Electrification sales came in at SEK 225m, which were in line with our expectation of SEK 221m. GARO group had an organic growth of 8% (ABGSCe 9%), resulting in an EBIT at SEK 37m, 9% below our expectations of SEK 41m (-2% vs. consensus at SEK 38m). EBIT margin came in at 11.8% (ABGSCe 12.8% vs. consensus 11.7%). Net profit for this quarter was 27m (-14% vs. ABGSCe SEK 31m and -8% vs. consensus SEK 29m).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Garo/Equity-research/2022/11/garo---a-slightly-disappointing-q3-report/