Norway's Nekkar Q2 revenue falls on reduced Syncrolift newbuilds
Norway's Nekkar Q2 revenue falls on reduced Syncrolift newbuilds
Overview
Norway ocean tech group's Q2 revenue fell 7% yr/yr, mainly due to lower Syncrolift newbuilds
EBITDA improved to NOK 5 mln from negative NOK 12 mln last year, reflecting broad-based gains
Order intake surged to NOK 294 mln, and backlog grew to NOK 1,199 mln including FiiZK
Outlook
Company did not provide specific financial guidance for the current or upcoming quarters
Result Drivers
LOWER SYNCROLIFT NEWBUILDS - Co said revenue decline was mainly due to reduced newbuild activity in Syncrolift
TECHANO OCEANLIFT NEAR BREAKEVEN - Co said broad-based EBITDA improvement was helped by Techano Oceanlift approaching breakeven as market-entry contracts neared completion
SYNCROLIFT CONTRACTS DRIVE ORDERS - Co said order intake increase was driven by two Syncrolift awards in Egypt and the Middle East
Company press release: ID:nObiXkBZqa
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| NOK 129 mln |
|
Q2 EBITDA |
| NOK 5 mln |
|
Q2 Order Backlog |
| NOK 1.20 bln |
|
Q2 Orders |
| NOK 294 mln |
|
Analyst Coverage
The one available analyst rating on the shares is "strong buy"
The average consensus recommendation for the heavy electrical equipment peer group is "buy."
Wall Street's median 12-month price target for Nekkar ASA is NOK18.50, about 25% above its August 19 closing price of NOK14.80
Reuters Recommended Reads
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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.)