Harvia’s earnings were forecasts – a dividend of the Roima increase

Sauna company Rare Net sales in October-December were EUR 51 million. The consensus of five analysts collected by Factset was EUR 46.9 million. A year ago, a similar period of time was EUR 39.4 million.

“This is the company’s all -time sales record,” the company’s CEO Matias Järnefelt Comment on the profit report.

Geographically, net sales grew in North America, as well as in the Asia and Pacific and the Middle East. In Europe, the situation continued to be subdued, especially in the north, selling saunas is mild.

The company’s reported operating profit in the last quarter was EUR 8.4 million from EUR 9.2 million for the comparison period. Analysts expected operating income of EUR 11.1 million.

“The costs of growth promoting projects and the relatively low -profit campaigns of winter influenced our operating margin, which was below the long -term target,” Järnefelt explained.

In the summer, Harvia bought the Thermasol of the United States. The shop increased its turnover but reduced operating profit.

“The Thermasol’s operating margin is below the average level of the group and the full realization of synergies takes some time as expected,” Järnefelt said.

The earnings per share were EUR 0.29, compared with EUR 0.39 per comparison period. The consensus forecast was EUR 0.39.

The Board of Directors will submit a dividend of EUR 0.75 per share to the Annual General Meeting. A year ago, the dividend proposal was EUR 0.68. The analysts were waiting for a dividend proposal of EUR 0.72. The company distributes the dividend in two batches.

Harvia does not publish short -term views. Its long-term economic goals include an average of 10 % annual revenue growth, an adjustable operating profit of more than 20 % and a net debt to adjusting to EBITDA less than 2.5 times.