Brief: Harvia Q3 Adjusted Operating Profit Rises To EUR 2.9 Mln

Harvia Oyj

08/11/2019 07:02

Nov 8 (Reuters) - Harvia Oyj  HARVIA.HE :
    * REG-HARVIA’S INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2019
    * JULY-SEPT REVENUE GREW BY 22.3% TO EUR 17.1 MILLION
(14.0). AT
COMPARABLE EXCHANGE RATES, REVENUE GREW BY 21.2% TO EUR 17.0
MILLION.
    * TARGETS A REGULARLY INCREASING DIVIDEND WITH A BI-ANNUAL
DIVIDEND PAYOUT OF AT LEAST 60 PERCENT OF NET INCOME, IN TOTAL
    * HARVIA DOES NOT PUBLISH ITS SHORT-TERM OUTLOOK
    * Q3 ADJUSTED OPERARTING PROFIT EUR 2.9 MILLION VERSUS EUR
2.3
MILLION YEAR AGO
    * COMPANY HAS SET LONG-TERM TARGETS RELATED TO GROWTH,
PROFITABILITY AND LEVERAGE
    * COMPANY TARGETS AN AVERAGE ANNUAL REVENUE GROWTH OF MORE
THAN
5%, ADJUSTED OPERATING PROFIT MARGIN OF 20% AND A NET
DEBT/ADJUSTED EBITDA BETWEEN 1.5X−2.5X
    * HARVIA TARGETS A REGULARLY INCREASING DIVIDEND WITH A
BI-ANNUAL
DIVIDEND PAYOUT OF AT LEAST 60 PERCENT OF NET INCOME, IN TOTAL.
    * HARVIA'S GROWTH DURING REVIEW PERIOD WAS STRONG IN ALL
PRODUCT
GROUPS AND ON ALMOST ALL OF OUR KEY MARKETS
    * Q3 WAS ESPECIALLY STRONG FOR STEAM GENERATORS, AS THEIR
SALES
INCREASED BY 38.4 PERCENT YEAR ON YEAR.
    * DEMAND IN US MARKET REMAINED STRONG, AND PROFITABLE GROWTH
CONTINUED IN SAUNAS, HEATERS AND COMPONENTS
    * DEVELOPMENT OF RUSSIAN MARKET IS ESTIMATED TO CONTINUE
PARTLY
VOLATILE, EVEN THOUGH PAST QUARTER WAS QUITE SUCCESSFUL FOR
HARVIA

Source text for Eikon:  ID:nGNE5HYz8C 
Further company coverage:  HARVIA.HE 

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