Italy's Danieli falls on decline in FY profitability

Danieli & C Officine Meccaniche SpA

26/09/2024 10:12

** Shares in Italian steelmaker Danieli  DANI.MI  fall as
much as 6.7% after it posted an EBITDA decline for FY 2023/24
and gave a soft outlook for the new financial year
    ** Brokerage Akros points to a decline in profitability "due
to higher costs in the Steel Making division, causing a drastic
reduction in margins due to negative effect of the costs of
energy factors"
    ** The annual EBITDA falls 8% to 391.2 million euros
($435.95 million)
    ** Danieli forecasts FY 2024/25 EBITDA of 380-420 million
euros, lower than the 446 million estimated by Akros
    ** Akros cuts its PT to 38 euros from 42 euros per ordinary
share
    ** By 0906 GMT, the stock is down 2.5% at 27.8 euros per
share; including Thursday's fall, it has dropped 5.3% YTD

($1 = 0.8973 euros)

 (Reporting by Michela Stasio)
 ((Michela.stasio@thomsonreuters.com))