Systemair Q2 operating profit lags forecasts (updated)
24/11/2016 07:47
(Adds detail, CEO comment)
Nov 24 (Reuters) - Systemair SYSR.ST posted a
second-quarter operating profit below analyst expectations on
Thursday and said growth was holding up well in several of its
markets.
* Net sales for the second quarter of Systemair's fiscal
year, which ends in April, increased by 8.9 percent to SEK 1,769
million from 1,624 million in the year-ago period, and compares
with 1,745 seen in Reuters poll
* Q2 operating profit (EBIT) increased to SEK 153 million
from year-ago 134 million and 159 million seen in Reuters poll
* Q2 organic growth was 4.8 percent, up from year-ago 3.6
percent
* Operating margin rose to 8.7 percent in the quarter from
8.3 percent, but was lower than 9.1 percent seen in poll
* CEO says growth is buoyant in several of our markets,
although we would have liked to see stronger growth in parts of
Western Europe and recovery in Russia
* CEO says the restructuring programme, launched in June, is
under way and the effects are starting to show through
* The annual cost saving from the programme as a whole is
calculated at SEK 45 million, with full impact emerging inside
two years
Source text for Eikon: ID:nGNEgQ75c
Further company coverage: SYSR.ST
(By Oskar von Bahr, editing by Johannes Hellstrom)
((oskar.vonbahr@thomsonreuters.com; +46 8 700 11 46; Reuters
Messaging: oskar.vonbahr.thomsonreuters.com@reuters.net))