Malmbergs Elektriska (MEAB) Q4 2023 earnings summary

Executive summary

• FY2023 revenue was SEK 598.7m vs SEK 668.7m; operating profit fell to SEK 11.5m from SEK 46.1m, while operating cash flow rose to SEK 89.8m from SEK 26.1m.

• Lower recurring sales amid economic slowdown weighed on results, while larger project orders increased across existing and new markets.

Financial highlights

• FY2023 profit before tax was SEK 12.0m vs SEK 42.5m; net income SEK 9.6m vs SEK 33.1m; EPS SEK 1.21 vs SEK 4.13.

• Q4 revenue was SEK 165.3m vs SEK 196.7m; operating loss SEK 5.9m vs operating profit SEK 19.5m; net loss SEK 4.1m vs net income SEK 15.6m.

• Q4 EPS was -SEK 0.50 vs SEK 1.95; FY operating expenses and depreciation figures are reported in the income statement alongside results.

Outlook and guidance

• 2024 outlook anticipates cautious growth, with continued recovery expected in demand for value-priced products.

• Priorities include recovering recurring sales, building on larger project wins, streamlining processes, strengthening marketing, and expanding the customer base.

• New product areas have growth potential; the store network is being streamlined and digitized to adapt to changing work and consumption patterns.