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Sweden's Besqab Q3 net sales rise 61% on strong home sales

By Reuters News


Overview

  • Sweden residential developer's Q3 net sales rose 61% yr/yr, driven by higher home sales

  • Q3 gross profit and net income increased significantly from a year earlier

  • Company handed over major rental housing projects Femöringen and Inverness to buyers


Outlook

  • Company plans several project launches in the final quarter of the year

  • Besqab sees increased market activity and strong demand for its homes

  • Company expects a strong year-end based on current project pipeline and profitability


Result Drivers

  • HIGH HOME SALES - Co said strong Q3 sales and increased transaction volumes drove revenue and profitability

  • PROJECT LAUNCHES - Several new project launches contributed to improved earnings, per CEO Magnus Andersson

  • PROFITABILITY IN ONGOING PROJECTS - Co said ongoing projects remained profitable, supporting results


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

SEK 651.10 mln

Q3 EPS

SEK 0.70

Q3 Net Income

SEK 86.40 mln

Q3 Gross Profit

SEK 141.10 mln

Q3 Operating Income

SEK 91.10 mln


Analyst Coverage

  • Wall Street's median 12-month price target for Besqab AB (publ) is SEK48.00, about 103.4% above its October 22 closing price of SEK23.60


Reuters Recommended Reads

  • Oct 21 - Sweden residential developer JM's nine-month profit rises on production activity

  • Oct 22 - Sweden's Bonava Q3 sales miss; lowers FY forecasts

  • Oct 22 - PulteGroup Q3 home sale revenue falls 9% as demand weakens


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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