Nibe rises after jump in Q3 operating profit

Nibe Industrier AB

15/11/2023 09:36

** Shares in Nibe Industrier  NIBEb.ST  rise 5% after the
Swedish heat pump maker met market expectations for a
year-on-year boost in Q3 operating profit
    ** The Q3 operating profit came in at 1.78 billion Swedish
crowns ($168.4 million), a 21% increase yoy
    ** Kepler Cheuvreux, via Swedbank Aktiellt equity research
service, notes that EBIT came in line with expectations, with a
margin of 15.5% compared to expected 15.2%
    ** In the Climate Solutions business area, operating profit
came in 2% above expectations, the broker adds
    ** Nibe says that "overall, growth in demand has been good,
but there are large variations between markets and product
segments"; its Q2 results had missed expectations amid a demand
slowdown
    ** "The improvement in the components supply chain that
could be seen towards the end of the first half of the year
continued in the third quarter," the company says
    ** The stock is among the top performers on the pan-European
STOXX 600 index  .STOXX 

($1 = 10.5692 Swedish crowns)

 (Reporting by Greta Rosen Fondahn)
 ((Greta.RosenFondahn@thomsonreuters.com))