Outokumpu plunges on Q4 outlook miss, heads for worst day in six years

Aperam SA

Yesterday 08:32

** Shares in Finnish stainless steelmaker Outokumpu OUT1V.HE plunge 15%, on track for their worst day since March 2020, as a bleak fourth-quarter outlook overshadows in-line Q3 results
** Outokumpu sees Q4 adjusted EBITDA to be broadly in line with the €10 million ($11.20 million) recorded a year earlier, citing weak European demand, elevated customer inventories and higher costs
** J.P. Morgan says Q4 guidance is materially weaker than the market forecast of €105 million, and anticipates downward revisions to earnings estimates for 2026 and 2027
** "It is more difficult to pinpoint where Outokumpu 2027 floor is given the 10 million Q4 guide," the broker says 
** Inderes analysts say the announced guidance was clearly weaker than expected
** Peer Aperam APAM.AS also fell 2% in early trading after it guided for lower-than-expected Q4 profits
** The stock is the biggest faller on Helsinki's blue-chip index .OMXH25, with today's losses bringing its year-to-date decline to around 13%
     
     
     
($1 = 0.8930 euros)

(Reporting by Jesus Calero)
((jesus.calero@thomsonreuters.com))