Barco tumbles after lower Q3 results, guidance cut
18/10/2023 08:33
** Shares in Barco BAR.BR slump around 14% to nearly
three-year lows as the Belgian visual technology firm cut its
2023 outlook after reporting lower Q3 sales
** Q3 sales came in at 229.6 million euros ($243 mln), down
12% yoy
** Barco said it now expects its 2023 sales to be in-line
with last year compared to its previous guidance of a
single-digit growth
** It reported sales of 1.06 bln euros for 2022
** KBC Securities says Q2 headwinds intensified in Q3
** The broker points to mixed picture in key markets, with
healthcare (Q3 sales down -27% yoy) and enterprise (sales down
-13% yoy) segments facing softer demand due to economic
conditions, while entertainment is stronger (-1% YOY)
** "Barco indicated that the expected recovery in China from
the pandemic has not materialized which is having an impact on
the results and growth outlook for this year" -KBC
** Shares have lost 39.4%, or about 11 euros, since their
2023 peak in April
(Reporting by Pierre John Felcenloben)
((Pierrejohn.felcenloben@thomsonreuters.com))