Beijer rises on Q1 beat amid stable margins, growing CF

Beijer Ref AB (publ)

23/04/2024 12:45

** Shares in Beijer  BEIJb.ST  rise 6% after the Swedish
wholesaler of air conditioning technology reported operating
profit above expectations and growing cash flow in Q1
    ** Co posts adjusted EBITA of 733 million Swedish crowns 
($67.36 million) for the quarter, 3% above consensus, per
Jefferies
    ** The broker notes the operating cash flow grew to 582
million crowns in Q1, owing to controlled inventory buildup
    ** "We are not overly surprised to see the positive share
price reaction in today's trading session", Jefferies says,
adding the management's comments are "reassuring"
    ** It also highlights the company's ability "to keep margins
stable despite a drop in volumes" as Beijer reports adjusted
EBITA margin unchanged at 9.5%
    ** Beijer shares are among top risers on STOXX 600  .STOXX 
in today's session, and is up 16% YTD

($1 = 10.8817 Swedish crowns)

 (Reporting by Boleslaw Lasocki)
 ((boleslaw.lasocki@thomsonreuters.com; +48 58 769 66 00;))