Sweco tracks best day in more than 14 years after Q4 earnings beat

Sweco AB (publ)

09/02/2023 10:15

** Shares in Sweco  SWECb.ST  rise about 13%, topping STOXX
 .STOXX , after the Swedish engineering company reported core
earnings for Q4 above estimates 
    ** The firm's EBITA rose 30% year-on-year to an all-time
high of SEK 709 mln ($67.95 mln), Sweco said, above Refinitiv
estimates of SEK 602 mln
    ** The improvement was driven by higher average fees and
higher billing ratio, CEO Åsa Bergman said in a statement
    ** She added that efficiency measures introduced after Q3
began to have a positive impact on costs and the billing ratio
    ** ABG Sundal Collier analyst Stefan Knutsson noted that
positive wording on the company's conference call regarding its
order book and cost decreases contributed to the share move, and
probably helped erase fears for a weaker demand going into 2024
    ** Sweco share is tracking its best day since October 2008
and is the top gainer on the pan-European STOXX 600 index
($1 = 10.4334 Swedish crowns)
 (Reporting by Louise Breusch Rasmussen)
 ((Louisebreusch.rasmussen@tr.com))