Tulikivi (TULAV) Q3 2024 earnings summary

Executive summary

• Net sales for 1-9/2024 were EUR 25.0 million, down 29.6% year-over-year; Q3 net sales were EUR 7.2 million, down 21.3% from Q3/2023.

• Operating profit for 1-9/2024 was EUR 1.6 million, a 68.3% decrease year-over-year; Q3 operating profit was EUR 0.5 million.

• Order books normalized to EUR 3.1 million at period end, down from EUR 11.5 million a year earlier.

• Strategic projects advanced, including expansion in Central Europe, sauna business growth, and Suomussalmi talc project progress.

• Market recovery, especially in Germany, was slower than anticipated, impacting sales.

Financial highlights

• Profit before taxes for 1-9/2024 was EUR 1.0 million, down 77.1% year-over-year; Q3 profit before taxes was EUR 0.3 million.

• Earnings per share for 1-9/2024 were EUR 0.01, compared to EUR 0.06 in 1-9/2023.

• Net cash flow from operating activities was EUR 1.6 million for 1-9/2024, compared to EUR 2.7 million in 1-9/2023.

• Total comprehensive income for 1-9/2024 was EUR 0.8 million, down 76.4% year-over-year.

• Group's cash and liquid assets at period end were EUR 2.0 million.

Outlook and guidance

• 2024 net sales expected to be EUR 33–37 million, with comparable operating profit of EUR 2–3 million.

• Previous guidance was EUR 37–44 million in net sales and EUR 3–5 million in operating profit.

• Outlook revision due to weaker than expected demand recovery, especially in Germany.