HES Oct’22 sales up 34.8% YoY; management expects 11.3% YoY increase in Nov’22 revenue (POSITIVE)

23.11.2022 Source: Hydraulic Elements and Systems; FFBH

Hydraulic Elements and Systems (HES) monthly sales jumped 34.8% YoY to BGN 8.9m in Oct’22, and came 4.5% on top of the management’s expectations. Pre-tax earnings for the month soured 43.4% YoY and amounted to BGN 1.1m, while the margin improved by 0.8 p.p. YoY to 12.7%. Jan-Oct 2022 sales stood at BGN 81.8m (+42% YoY), while EBT advanced to BGN 10.5m (+36.4% YoY). 10-mo EBT margin decreased to 13% (-0.5 p.p. YoY). November 2022 is expected to bring the company a revenue of BGN 8.5m (+11.3% YoY), which would bring YTD sales to BGN 90.3m (+38.4% YoY).