ÅF Pöyry Suffers from The Economic Conditions in Q3 2019

ÅF Pöyry Suffers from The Economic Conditions in Q3 2019

ÅF Pöyry’s revenue growth (yoy, at CC/CS) continued to decelerate this quarter, declining from +8% in Q1 to +1% in Q3 2019, despite the positive impact of an additional working day (+90 bps on revenue growth during the quarter). The company suffered from the same issues as in Q2: a slowdown in the automotive sector from its largest automotive client, (impacting Industrial & Digital Solutions Division) and delayed decision-making in the Infrastructure Division in Denmark.

Bertrandt issues a profit warning

Bertrandt issues a profit warning

After the profit warning of EDAG in July, Germany’s largest automotive ER&D pure-play, Bertrandt, also issued a profit warning. The company lowered its EBIT margin range guidance to 5%-7.5%, down from 7%-9% previously. Bertrandt is suffering from project delays and low utilization rates.

EDAG issues a profit warning

EDAG issues a profit warning

EDAG issued last night a profit warning for its full-year 2019 operations. The company is now expecting revenue growth by approximately 1% (previous guidance 5%), an adjusted EBIT margin of 4%-5% (previously 5%-7%), and a net profit of EUR 10m.