Finland's Harvia Q3 revenue rises 17% but misses expectations
Finland's Harvia Q3 revenue rises 17% but misses expectations
Overview
Finland sauna equipment maker's Q3 revenue rose 17% yr/yr but missed analyst expectations
Adjusted EBITDA rose 10.4%, but missed analyst expectations
Revenue growth aided by postponed deliveries after Q2 IT upgrade at main factory
Outlook
Company targets average annual revenue growth of 10% and adjusted operating profit margin above 20%
Harvia aims for net debt/adjusted EBITDA below 2.5x
Result Drivers
POSTPONED DELIVERIES - Q3 revenue benefited from approximately €4 mln of deliveries postponed from Q2 due to IT and business process upgrade at main factory
ORGANIC GROWTH - All revenue growth in Q3 was organic, with strong performance across all sales regions
COST PRESSURES - Operating profit was negatively impacted by personnel costs and other operating expenses growing faster than revenue, as well as an accounting adjustment in North America
Company press release: ID:nGNEc9DkdX
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Miss | EUR 53.90 mln | EUR 55.72 mln (5 Analysts) |
Q3 Adjusted EBITDA | Miss | EUR 11.70 mln | EUR 14.36 mln (5 Analysts) |
Q3 Adjusted EBIT |
| EUR 9.50 mln |
|
Q3 Basic EPS |
| EUR 0.37 |
|
Q3 EBITDA |
| EUR 11.70 mln |
|
Q3 Free Cash Flow |
| -EUR 100,000 |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the electrical components & equipment peer group is "buy"
Wall Street's median 12-month price target for Harvia Oyj is €48.50, about 10.1% above its October 28 closing price of €44.05
The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 22 three months ago
Reuters Recommended Reads
Oct 28 - Finland's Orion Q3 sales rise 28%; upgrades 2026 outlook
Oct 29 - Finland's Oriola Q3 net sales rise 5.1%
Oct 29 - Finland's Kesko Q3 net sales rise 5.2%; lifts profit forecast
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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.)