Barco slumps after Q1 miss, no growth expected for Q2
23/04/2024 09:05
** Shares in Barco BAR.BR plummet 14% to their lowest
level since late 2017, after it reported weaker Q1 results and
said Q2 will show no growth
** The company posted orders of 220.1 million euro, 23%
lower y/y and sales down 21% to 195.9 million euros
** "Q1 orders and sales decreased stronger than we and
consensus expected compared to a strong Q123, reflecting
inventory destocking by Barco's customers," KBC says
** The broker adds demand in entertainment was hampered by
the aftermath of the strikes in the North American film industry
** ING points to a "deteriorated wording on guidance" for
2024 as Barco said there should be growth in H2, but not in Q2,
while earlier it had guided for growth from Q2 onwards
** "We believe the weak results and the more negative
wording on the guidance provide some downside risk," ING says
** It adds it expects consensus to lower its 2024
estimates by a mid-single digit percentage on topline and EBITDA
(Reporting by Federica Mileo)
((Federica.mileo@thomsonreuters.com))