De Nora shares on track for worst day after disappointing Q1
11/05/2023 10:37
** Shares in Italy's Industrie De Nora DNR.MI slump over
9% after the electrode maker posted lower profit for the first
quarter
** The fall is due to the weak EBITDA and net profit
results, a Milan-based trader says
** The company booked an adjusted EBITDA of 46.7 million
euros ($51.4 million) in Q1, down from 55.2 million a year ago
** Its net profit also dropped almost 6% compared to last
year to 25 million euros
** The company confirmed its revenue and EBITDA targets
for 2023
** Despite today's loss share price remain well above last
June's IPO price of 13.50 euros
** De Nora announced its CFO Matteo Lodrini will leave the
company at the end of June
** Shares in De Nora are down 9.2% on track for their worst
day ever
($1 = 0.9084 euros)
(Editing by Keith Weir)