Daetwyler shares hit 1.5 year low on 2022 targets revision
18/05/2022 09:15
** Shares of Daetwyler Holding DAE.S are down nearly 17%
after the Swiss electronic components supplier revised its
targets for 2022
** Ongoing shortage of electronic components in automotive
industry and lockdowns in China have dampened revenue growth
despite Datwyler's unrestricted delivery capability, it said in
a statement urn:newsml:reuters.com:*:nFWN2X91FJ
** As a result the company now targets 2022 sales of
1.15-1.20 billion Swiss francs
** Earlier Daetwyler expected revenue growth to exceed upper
value of the medium-term target range of 6-10%, implying topline
reaching at least about 1.21 bln francs
** The company also expects temporary pressure on margins,
due to delayed effect of implemented price increases and cost
savings
** It now sees full-year EBIT margin to be the range of 13%
-16%, down from its earlier view of margin reaching a lower end
of 18%-21% mid-term guidance
** Vontobel sees margin to fall from 18% to a mid-point of
14.5% and says it is likely to have a strongly negative impact
on the share price
** The stock is on track for its worst day ever and reach
its lowest since Dec. 2020
(Reporting by Anastasiia Kozlova)
((Anastasiia.Kozlova@thomsonreuters.com))