Italy's EuroGroup Laminations jumps on Q3 results, confirmed guidance

Eurogroup Laminations SpA

14/11/2023 10:03

** Italy's EuroGroup Laminations  EGLA.MI  rise as much as
7.7% as the market reacts to the Q3 results of the maker of
electric motor components
    **  The company confirmed late on Monday its 2023 core
profit and capital expenditure guidance, even if it revised down
the expected full-year revenue to 830-850 million euros
($889-910 million)
    ** J.P.Morgan reiterates its "neutral" rating on the group,
saying "the decline in revenues of the industrial business is
clearly offset by the strength of the automotive division and
firm cost discipline implemented by the firm"
    ** The stock is up 7.2% at 3.56 euros by 0951 GMT, having
lost 36% since its debut on Feb. 10

($1 = 0.9338 euros)

 (Reporting by Philippe Leroy Beaulieu, Alessandro Parodi)
 ((philippe.leroybeaulieu@thomsonreuters.com))