Sweden's Polygiene Q3 sales fall on weak textile demand
Sweden's Polygiene Q3 sales fall on weak textile demand
Overview
Sweden ingredient tech firm's Q3 net sales declined yr/yr amid weak demand
Gross margin fell to 63.7% from 71.1% as profitability came under pressure
Company posted negative EBITDA and EBIT for the quarter
Outlook
Company did not provide specific guidance for future quarters or the full year in the press release
Result Drivers
TEXTILE INVENTORY GLUT - Co said elevated distributor inventory in textile business led to lower order volumes and drove much of the yr/yr sales decline
NEW CUSTOMER ORDERS - Co cited new orders from Kariban and Move Dance as supporting diversification into new applications and end markets
Company press release: ID:nMFN32yg4v
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue |
| SEK 26.30 mln |
|
Q3 Gross Margin |
| 63.70% |
|
Q3 EBIT |
| -SEK 4.40 mln |
|
Q3 EBITDA |
| -SEK 3 mln |
|
Analyst Coverage
The stock recently traded at 4 times the next 12-month earnings vs. a P/E of 7 three months ago
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.)