Agfa-Gevaert shares plummet on Q1 'miss on every line'

Agfa Gevaert NV

14/05/2024 09:01

** Shares in Agfa-Gevaert  AGFB.BR  drop 15% after the
Belgian imaging products manufacturer reported a weak start to
the year with a broad Q1 miss
    ** "A miss on every line," ING writes, saying the group's
all continuing activities missed consensus quite materially
    ** The company posts Q1 adj. EBIT loss of 9 million euros
($9.7 million) vs profit of 1 million euros in a
company-compiled consensus, cited by ING
    ** Q1 revenue drops 7.6% to 250 million euros, missing
consensus by more than 9%, ING says
    ** Agfa-Gevaert confirms FY outlook and says it expects a
much stronger H2, with improvements in profitability
    ** "As Agfa indicated before, the first quarter was very
soft, even much softer than we and CSS expected," says KBC 
    ** Shares are on track for their worst day since December
2016 if losses hold

($1 = 0.9272 euros)

 (Reporting by Dimitri Rhodes)
 ((Dimitri.Rhodes@thomsonreuters.com))