“As expected, we experienced mixed market conditions in the third quarter. The Insulation business performed well in important markets such as France, the UK, Russia and North America, while experiencing a continued slowdown in Germany, Eastern Europe and Asia. We have adapted capacity in these areas accordingly. The Systems segment delivered solid results in all business areas and geographies, with strong sales and profitability.”
-CEO Jens Birgersson
Highlights
- Sales in the year’s first nine months reached EUR 2,042 million, a growth of 3.2 percent in local currencies.
- In Q3 2019, sales increased 0.9 percent in local currencies and reached EUR 706 million.
- EBIT in the first nine months ended at EUR 278 million, an increase of 7.8 percent, with a 13.6 percent EBIT margin, up 0.4 percentage points from last year.
- EBIT in Q3 2019 reached EUR 100 million, an increase of 2.8 percent, with an EBIT margin of 14.1 percent, up 0.1 percentage points from Q3 last year.
- Investments in the first nine months of 2019 reached EUR 292 million, up EUR 151 million compared to last year. The increase is primarily due to ongoing capacity expansions in Germany, Romania and the United States.
- Annualised return on invested capital reached 21.8 percent compared to 22.8 percent last year, a decrease of one percentage point due to higher invested capital.
Outlook
- Growth in full-year net sales is expected to be at the lower end of the guidance of 2-5 percent in local currencies.
- EBIT margin is still expected at around the same level as last year (12.8 percent), including the one-off positive EBIT impact from the Rockfon North America legal case settlement.
- Investment level is still expected around EUR 390 million excluding acquisitions.
