FPC today, Friday, opened up its Q2 books reporting EBIT of SEK 72 million while we estimated SEK 219 million (consensus SEKm 155). The main reason for our error was sales amounting to SEK 823 million compared to our estimates of SEK 1 005 million (consensus SEKm 859) but expectations were also wrong on the important gross margin side, which we find more troublesome than the Q2 sales that was known to be weak due to the inventory level issues.