Emmi falls after H1 earnings miss, outlook cut
18/08/2022 09:33
** Shares in Emmi EMMN.S fall 5.4% after the Swiss dairy
company missed H1 profit expecatations and cut its full-year
earnings outlook
** Emmi's H1 EBIT fell by 16% to CHF 109 million ($114
million) urn:newsml:reuters.com:*:nEQ2Qyn7za
** The company lowered its full-year EBIT forecast, citing
the uncertain economic and geopolitical environment and rising
prices
** Vontobel says H1 EBIT was 5% below consensus
** "Strong topline but weaker profitability," Baader Helvea
says, adding that being forced to reduce the 2022 profitability
outlook, Emmi is among the more inflation impacted Swiss food &
beverage stocks
** The brokerage says the upcoming leadership change, with
CEO Urs Riedener leaving at the end of the year, brings further
uncertainty to the story
($1 = 0.9531 Swiss francs)
($1 = 0.9529 Swiss francs)
(Reporting by Ozan Ergenay)
((ozan.ergenay@thomsonreuters.com))