AAC Microtec - Low volumes induce quarterly volatility
Management states that Q119 results were broadly according to plan, although on an underlying basis (excluding prior period acquisition costs) both net sales and EBITDA were slightly lower. Ã…AC made modest progress, but Clyde saw a reduction due to business mix combined with lower platform sales in the period. Now that financing is being addressed by the underwritten rights issue, the main challenge for management is to execute on the growing backlog. Given the lumpy nature of revenues in the current low-volume platform environment, we maintain our estimates as we expect volumes to grow as the year progresses.AAC Clyde Space AB, formerly AAC Microtec AB, is a Sweden-based company, which is primarily involved in the aerospace industry. The Company operates as a provider of space solutions and systems for commercial, governmental and educational purposes on the global market through its partner network and offices in Sweden, the United States and the United Kingdom. The Company specializes in small, purpose-built satellites, as well as sub-systems and components. The Company's customers include the European Space Agency (ESA), National Aeronautics and Space Administration (NASA), Orbcomm, Kepler Communications, NSLComm, KP Labs and Orbital Micro Systems, among others.
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