Redeye comments on Ferroamp’s Q2 report, which showed a strong acceleration in sales and the first quarter with positive operating cash flow. Net sales increased 224% y-o-y to SEK60m, coming in 9% above our estimate, while order intake remained strong going into Q3. Gross margin improved sequentially to 22%, 2 percentage points better than our estimate. Adjusted for SEK4.8m of reported one-off costs and lower other operating income than expected, EBITDA was largely in line with our estimates. Overall, we view the quarter as positive from a sales and cash flow perspective, while profitability remains the key area to monitor as gross margins are set to improve with the launch of new product generations.
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