Barco slips after Q3 miss in challenging environment
17/10/2024 08:48
** Shares in Barco BAR.BR fall over 8%, tracks for their
worst day since April, after the Belgian visual technology
company published slight Q3 miss, guidance cut
** Sales came 3.6% below company-compiled consensus at 223
million euros ($242.11 million), while orders were roughly in
line with expectations but below KBC estimates of 240.6 million
euros
** "Market conditions in EMEA remain challenging," KBC says,
cuts PT by 10% to 14.2 euros
** Degroof Petercam cuts to "hold" from "buy", says it is
"throwing in the towel," deems the update disappointing, adds
that it "did not provide the rebound we hoped for"
** It adds that FY sales guidance implies Q4 cannot be as
solid as expected
** The group cuts its H2 sales targets, now sees them stable
year-on-year (previously expected growth), confirms EBITDA
margin of 11-13% outlook, sees topline growth from 2025
** "After a very weak 1H24 this 3Q24 update is a strong
improvement but given the quite sudden continued weakness in
Entertainment we do not see it as a relief either", ING says
($1 = 0.9211 euros)
(Reporting by Olivier Cherfan)
((olivier.cherfan@thomsonreuters.com))