Sweco Q1 Profit Misses 8% YoY

Net sales grew 3.35% to SEK 8.33 bn, but fell 2% short of consensus estimates.
EBITA declined 4% to SEK 869 m, margin slipped to 10.40% from 11.20%, driven by Finland weakness.
Finland EBITA dropped 33.73% to SEK 55 m, hit by project adjustments, SEK 17 m restructuring costs and 52 temporary layoffs.
Net debt rose to SEK 1.88 bn, operating cash flow turned negative SEK 65 m, while headcount increased to 21,836.