D'Ieteren soars on better-than-expected H1, upbeat guidance
06/09/2022 08:48
** Shares in D'Ieteren IETB.BR rise 11% after the Belgian
car distributor reports H1 profit above estimates and raises
full-year guidance urn:newsml:reuters.com:*:nFWN30C04Q
** Shares are on track for their best day since July 13,
2021, when it closed 22.2% higher
** The group posts a 33.5% rise in H1 adj. profit before
tax, group's share, to 363.1 mln euros ($361.5 mln)
** "D'Ieteren reported a good set of results," KBC says,
noting the adj. profit before tax is 14% above consensus and the
broker's estimates
** The company increases its growth target for adj. pre-tax
profit, group share, to at least 35% for the full-year vs 25%
previously
** The raised outlook is based on stronger-than-expected
performances by units D'Ieteren Automotive and TVH, and assumes
no further major deterioration in geopolitical and economic
conditions
** The group adds the contribution of recently acquired PHE
should bring the overall FY guidance to at least 40% growth
($1 = 1.0043 euros)
(Reporting by Alizee Degorce)
((Alizee.degorce@thomsonreuters.com))