Befesa falls after Q4 earnings miss consensus
02/03/2023 08:49
** Shares in Befesa BFSA.DE are down about 3% after the
Luxembourg-based metals recycling group announced
below-consensus Q4 earnings
** Adjusted EBITDA fell by 17% yoy to 51 million euros
($54.21 million) in the fourth quarter, 6% below
company-compiled consensus
** The company cited unfavourable zinc treatment charges, a
minor volume decrease, and higher energy inflation, which offset
higher metal prices
** "Slightly weaker Q4, focus will be on any initial colour
on FY23 outlook," J.P.Morgan says
** The group's net profit and earnings per share both
dropped by 50% in Q4 2022
** "The lower Q4 throughput might lead to some downward
pressure in Steel Dust EBITDA," adds JPM
** Befesa is one of the worst performers in the German
mid-caps index .MDAXI
($1 = 0.9408 euros)
(Reporting by Anna Mackenzie)
((Anna.mackenzie@thomsonreuters.com))