Ariston falls to record low after guidance cut

Ariston Holding

26/07/2024 11:21

** Shares in Ariston Holding  ARIS.MI  fall as much as 18%
to all-time low after the Italian heating device maker reported
preliminary second-quarter results and lowered its 2024 guidance
    ** It now expects its net revenues could fall 12-15% vs 2023
compared to lower end of -1% to -5% range seen earlier; adjusted
EBIT margin is seen at around 6% vs the previous range of
9.4-10%
    **  Ariston's second quarter adjusted EBIT came in at 27
million euros ($29.30 million), down 66% from the year before
    ** The group highlighted a "prolonged weakness" of the
heating markets, in particular in Europe, and the impact of the
deconsolidation of its plant in Russia, transferred by decree to
a Gazprom entity late in April
        ** The stock is down around 10% by 1012 GMT, it hit a
record low of 3.374 euros earlier in the session 
  
    


($1 = 0.9215 euros)

 (Reporting by Philippe Leroy Beaulieu)
 ((philippe.leroybeaulieu@thomsonreuters.com))