Net Insight reports “strong Q3 earnings”
November 8, 2022
Net Insight has reported solid growth seen in the first six months continued into the third quarter.
“We continue to report strong earnings, despite an increasingly uncertain market. The growth is driven by strong sales in region Americas, we delivered larger orders to two of our customers of which one includes delivery of equipment for the 2022 Football World Cup in Qatar. Due to the large proportion of USD in the sales for the quarter, both revenue and earnings benefited from a significant positive exchange rate effect compared with the same period year-on-year. Revenue and earnings from the new product area 5G synchronisation also contributed to the strong sales and earnings,” commented Crister Fritzson, CEO Net Insight.
July – September 2022
- Net sales amounted to SEK 130.3 (100.8) million (€12.02m), an increase of 29.2 per cent year-on-year. In comparable currencies net sales increased by 12.3 per cent.
- Operating earnings amounted to SEK 27.3 (11.8) million, corresponding to an operating margin of 20.9 per cent (11.7 per cent). Excluding foreign exchange rate differences of SEK 0.5 (-0.2) million and items affecting comparability of SEK -2.7 (0.0) million, operating earnings were SEK 29.5 (12.0) million.
- Net income for the period was SEK 24.2 (10.1) million.
- Earnings per share diluted was SEK 0.07 (0.03).
- Total cash flow for the Group was SEK -36.0 (25.1) million. Excluding the cash impact from repurchase of own shares (during 2022) and of the divestment of operations (during 2021), cash flow was SEK 2.1 (-6.5) million.
January – September 2022
- Net sales amounted to SEK 350.1 (272.8) million, an increase of 28.3 per cent year-on-year. In comparable currencies net sales increased by 16.9 per cent.
- Operating earnings amounted to SEK 47.3 (23.5) million, corresponding to an operating margin of 13.5 per cent (8.6 per cent). Excluding foreign exchange rate differences of SEK 0.9 (8.2) million and items affecting comparability of SEK -2.6 (0.6) million, operating earnings were SEK 49.1 (14.7) million.
- Net income for the period was SEK 44.1 (21.0).
- Earnings per share diluted was SEK 0.12 (0.05).
- Total cash flow, including discontinued operations in 2021, was SEK -61.0 (55.9) million. Excluding the cash impact from repurchase of own shares (during 2022) and of the divestment of operations (during 2021, cash flow was SEK 13.8 (9.2) million.
Q3 in brief:
- Substantial Nimbra Edge order
- First 5G delivery to Three Sweden
- First customer delivery of advanced ST 2110 functions and increased sales of JPEG XS