M+S Hydraulic’s Sep’24 sales down by 40.1% YoY; Oct’24 management guidance is for 27.2% YoY drop (NEUTRAL)

22.10.2024 Source: M+S Hydraulic; FFBH

M+S Hydraulic reported Sep’24 sales of BGN 10.5m (-40.1% YoY), which came 2.9% above management's expectations. Pre-tax profit for the month amounted to BGN 0.8m, compared to BGN 3m profit a year ago. Jan-Sep sales were BGN 102.4m, down 44.1% YoY, while pre-tax earnings for the period decreased to BGN 9.4m (-72.2% YoY). Management forecasts Oct’24 revenue of BGN 12.2m (-27.2% YoY), which would result in a 42.7% YoY decline of 10-mo sales to BGN 114.6m.