Harvia Reports Solid First Quarter Results, but Fell Short of Forecasts

Harvia, a sauna and spa company known for its stoves, has reported an improvement in profit and an increase in turnover in their interim report for January-March. Despite the positive results, the company fell slightly short of forecasts. The operating profit for the period was 9.9 million euros, compared to 9.2 million euros in the same period the previous year. However, analysts had expected an operating profit of 10.7 million euros. EBITDA also increased to 11.5 million euros, slightly below the forecast of 12.3 million euros.

During the first quarter of the year, Harvia generated a turnover of 42.4 million euros, up from 41.4 million euros in the comparison period. The forecasted turnover was 43.9 million euros, reflecting a 2.3% growth compared to the previous year.

CEO Matias Järnefelt highlighted the strong profitability in strategic markets outside of Europe, such as North America and the Asia-Pacific region, although overall growth was modest.

Market conditions in Northern Europe impacted sales, with challenges in Finland due to political strikes affecting turnover.

Despite these challenges, Harvia’s earnings per share increased to 0.40 euros in January-March.

The company continues to focus on its financial goals of a five percent increase in turnover and an adjusted operating profit margin of more than 20 percent.

Järnefelt emphasized the potential for growth in Central Europe while acknowledging