Pre-announcing Q3 figures

Sales EUR 292m (+6% vs. cons) adj. EBITA 38m (+26%)

Guidance raised by ~10%, mid-point 2% above cons.

Yet another strong quarter for Fiskars
On 13 October, Fiskars Group upgraded its full-year guidance for adj. EBITA. This is due to a significantly strong trading during Q3, which is stated to have been above expectations. On the back of this, the company raises its adj. EBITA guidance from previous EUR 140-160m to EUR 160-170m, lifting the mid-point of guidance by some 10%. Furthermore, we note that the company has decreased the range of the guidance from EUR 20m to EUR 10m, pointing towards less uncertainty for H2’21.

Q3 adj. EBITA 26% above cons.
Fiskars also published its preliminary numbers for the third quarter on sales and adj. EBITA. Sales grew 9% y-o-y to EUR 292m and adj. EBITA at 38m, which is ~6% and ~26% above cons., respectively. Fiskars mentions that a crucial component for the raised guidance and strong Q3 numbers is that it has been able to handle the ongoing global supply chain issues well, leading to a financial development above its own expectations in Q3. More specifically, the company highlights that the end of Q3 has been particularly strong. The company further mentions that although the global supply chain issues have been handled over expectations, it remains a risk going forward.

Mid-point guidance ~2% above cons
We have now seen both Fiskars and Villeroy Boch upgrade guidance during the last weeks, strengthening the view that 2021 is continuing to be a strong home improvement year. However, in terms of estimates, we note that cons. already was in the high-end of the previous guidance. The mid-point of the new guidance is c. 2% above cons., and we expect estimates to come up by low single-digits for ‘22e-‘23e.

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