Daetwyler falls on H1 results, lowered FY guidance

Daetwyler Holding

24/07/2023 07:36

** Shares in Daetwyler  DAE.S  fall more than 6% in Julius
Baer premarket trade after the Swiss electronic components
supplier reported half-year results below expectations and
lowered its FY guidance
    ** The firm's H1 EBIT falls by 17% to CHF 60.5 million 
($69.86 million), with EBIT margin down to 10.0% and net result
down to CHF 32.1 million
    ** Higher energy costs, a temporary unfavourable development
of the product mix, and strong Swiss franc impact earnings,
Daetwyler says, noting negative external one-time effects will
also impact the second half of 2023
    ** "1H results below expectations - destocking holds back
volume growth and under-utilization pressures margins," says
Vontobel
    ** Daetwyler curs FY revenue target to around CHF 1.18
billion and an EBIT margin of around 11% after previously
guiding for improving results in FY23
    ** Guidance implies some 30% downside to consensus EBIT,
says Vontobel
    ** The company is seen at the bottom of Swiss mid-cap index
 .SMIM , on track for its worst day since May 2022
    
($1 = 0.8660 Swiss francs)

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))