Pierer rises on outlook hike, strong H1 results

Bajaj Mobility AG

30/08/2022 10:06

** Shares of Pierer Mobility  PMAG.VI  jump 6% after the
Austrian motorcycle manufacturer raises 2022 revenue guidance on
strong H1 sales and slight supply chain improvement  urn:newsml:reuters.com:*:nL8N3060L5
    ** It now sees revenue growth of 10%-15% this year, up from
a previous target of 6%-10% 
    ** "This expectation is supported ... by a slight easing of
the supply chain situation in the second half of 2022," Pierer
said on Monday after market close  urn:newsml:reuters.com:*:nASM000OZ1
    ** It reports H1 revenue of EUR 1.15 bln ($1.15 bln), up
7.1% on the year, while EBIT falls 9.6% to EUR 92.8 mln
    ** This came above Jefferies' estimates for H1 revenue of
EUR 1.08 bln and EBIT of EUR 89.7 mln
    ** Jefferies says Pierer reported a "solid set of results"
despite continued supply chain disruptions, adding the raised
sales guidance implies a consensus upgrade of 2.5% at mid-point
or 16% at the top end
    ** The stock is on track for its best day since March
    
($1 = 0.9969 euros)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))