Fastned jumps on Q3 revenue beat, expected Q4 acceleration

Fastned BV

11/10/2022 08:57

** Shares in Fastned  FASTN.AS  rise around 4% following the
car charging stations operator's better-than-expected Q3
revenues
    ** Fastned reports Q3 charging revenues of 10.1 million
euros ($9.81 million), 8% ahead of ING's estimates  urn:newsml:reuters.com:*:nFWN31B2VT
    ** "Charging revenues were higher but mainly due to pricing
and not due to extra clients and/or usage which were both inline
with our expectation," adds ING 
    ** Fastned opened six new stations during Q3 and confirms
target of a minimum of 65 openings by year-end
    ** "The roll-out should gain a lot of pace in 4Q as Fastned
now has 20 stations under construction and >25 new stations will
be started in 4Q," ING says
    ** The brokerage also says Q3 gross margin it sees at EUR
0.35/kWh, exceeded its forecasts, and sees "a good margin" of
about EUR 0.45/kWh in Q4,  if prices and cost remain stable at
current levels 
($1 = 1.0299 euros)
 (Reporting by Clement Martinot)
 ((Clement.martinot@thomsonreuters.com))