Agfa-Gevaert tracks worst day in a year on 'weak' Q1

Agfa Gevaert NV

23/08/2023 09:10

** Agfa-Gevaert  AGFB.BR  shares fall over 7% on
expectations-missing H1 results, and track their worst day in a
year
    ** The Belgium-based imaging systems maker reports Q2 group
revenue down at 287 million euros ($310 million) and adj. EBIT
at 2 million euros (-58% y/y)
    ** ING sees Q2 as "weak in terms of quality," as sales miss
consensus by 1.7%, while adj. EBIT is 1 million euros below
    ** "We believe the market will be disappointed with those
results due to the weak profitability of both Digital Print and
Chemicals, and Agfa Healthcare," ING says, adding the former's
performance is particularly weak
    ** The brokerage also highlights Agfa-Gevaert's net debt
position at 33 million euros, versus a net cash position of 24
million euros at the end of Q1
    ** ING sees the outlook for Agfa Healthcare as disappointing
while KBC Securities says the company still has a "long way to
go" before being back to "The Great Old"

($1 = 0.9244 euros)

 (Reporting by Mariana Abreu and Stéphanie Hamel)
 ((Mariana.abreu@thomsonreuters.com;
stephanie.hamel@thomsonreuters.com))