hold-Aalberts shares drop after H1 results miss expectations, more cautious outlook

Aalberts

25/07/2024 10:38

** Shares in Dutch industrial group Aalberts  AALB.AS  fall
7.2% after reporting H1 results
    ** The group reported H1 15% EBITA margin with EBITA at
242.2 million euros  ($262.67 million), 2% below consensus at
246.5 million euros according to Jefferies
    ** The broker flags the miss was driven by a deteriorating
organic revenue decline of 3.9% vs consensus 2.1%
    ** "The first six months of the year have been challenging
as we saw lower activity at our customers, especially headwinds
in building technology", CEO Stéphane Simonetta said in a
statement
    ** Jefferies points also to "more cautious outlook", says
that Aalberts expects soft markets in eco-friendly buildings to
continue in 2H24E
    ** "Note that Aalberts earlier expected demand to strengthen
towards the end of FY24E, according to customer feedback.", it
adds
    ** Up to the previous session's close, shares were up 2.2%​
YTD

($1 = 0.9221 euros)

 (Reporting by Leo Marchandon)
 ((Leo.marchandon@thomsonreuters.com))