GOMspace: FY’22 guidance reiterated - ABG

Q2’22 somewhat below expectations H2’22 financials expected to improve Overall, a neutral to slightly positive Q2 report Higher degree of low margin deliveries in Q2’22

Q2’22 revenues came in at SEK 51m , 3% above than ABGSCe at 50m, and 21% below FactSet cons. at 65m, while EBIT came in at SEK -32m, -106% below ABGSCe -15m and -251% below cons. at -9m. Quarterly volatility is common for GomSpace, however, Q2’22 margins were significantly lower than expected, driven by higher than expected, low margin (heavy engineering) order deliveries. Order intake in the quarter was decent at SEK 85m, on the back of a very strong Q2’21 (223m), with a total orderbook now at SEK 507m – up from 503m at the end of Q1’22.

Despite continued headwinds, FY’22 guidance remains Despite continuing to face headwinds from some component challenges and a shortage of engineers, FY'22 guidance is reiterated at revenues of SEK 264-292m (ABGSCe 278, cons. 281) and an EBIT margin of "Better than -15%) (ABGSCe -13%, cons. -12%). The management remain confident in the ability of delivering improved financials throughout H2’22.

ABGSC hosted conference call at 10:00 CET Overall a neutral to slight positive report, despite Q2'22 being weaker than expected, the outlook slightly improves, with FY’22 guidance being reiterated and new orders received in Q2 are having a higher degree of high margin products orders, improving the profitability of the order backlog. Lastly, ABGSC will host the management for a post Q2’22 conference call today, at 10:00 CET.

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Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/gomspace/Equity-research/2022/7/gomspace---fy22-guidance-reiterated/