Rosenbauer prelim. Q4 21 - FY 21 prelims in line, weaker than assumed margin outlook
FY 21 revenues of EUR 975 mn and EBIT of EUR 34 mn (margin 3.5%) met reduced targetsOrder backlog of almost EUR 1.15 bn in line with RBIe, back to pre-crisis level
FY 22 top line outlook of more than EUR 1 bn in line but flat EBIT margin guidance falls shy of expectations
While the margin target might discount an element of caution, given likely too ambitious FY 22e earnings assumption we expect a negative share price reaction
Rosenbauer International is a holding company. Co. through its subsidiaries is engaged in the manufacture, sale and distribution of mobile fire protection and civil defense solutions. Co. maintains five business segments: vehicles, aerials, fire and safety equipment, service and spare parts/others, fire fighting components. Co.'s product portfolio includes a range of municipal fire fighting vehicles and aerials built to both European and the United States standards, series of aircraft rescue and fire fighting vehicles, industrial fire fighting vehicles, fire and safety components and equipment. Co. provides services and spare parts, instruction and training programs for its products.
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