Sweden's Besqab Q3 net sales rise 61% on strong home sales

Besqab AB (publ)

Today 06:15

Overview
Sweden residential developer's Q3 net sales rose 61% yr/yr, driven by higher home sales
Q3 gross profit and net income increased significantly from a year earlier
Company handed over major rental housing projects Femöringen and Inverness to buyers

Outlook
Company plans several project launches in the final quarter of the year
Besqab sees increased market activity and strong demand for its homes
Company expects a strong year-end based on current project pipeline and profitability

Result Drivers
HIGH HOME SALES - Co said strong Q3 sales and increased transaction volumes drove revenue and profitability
PROJECT LAUNCHES - Several new project launches contributed to improved earnings, per CEO Magnus Andersson
PROFITABILITY IN ONGOING PROJECTS - Co said ongoing projects remained profitable, supporting results

Company press release: ID:nWkrbT8lVp

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
 
SEK 651.10 mln
 
Q3 EPS
 
SEK 0.70
 
Q3 Net Income
 
SEK 86.40 mln
 
Q3 Gross Profit
 
SEK 141.10 mln
 
Q3 Operating Income
 
SEK 91.10 mln
 

Analyst Coverage
Wall Street's median 12-month price target for Besqab AB (publ) is SEK48.00, about 103.4% above its October 22 closing price of SEK23.60

Reuters Recommended Reads
Oct 21 - Sweden residential developer JM's nine-month profit rises on production activity
Oct 22 - Sweden's Bonava Q3 sales miss; lowers FY forecasts
Oct 22 - PulteGroup Q3 home sale revenue falls 9% as demand weakens

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)