Gross profit miss weighs on Fastned shares
BUZZ-Gross profit miss weighs on Fastned shares ** Shares in Fastned FASTN.AS fall 8.3% after the Dutch charge point operator reported its third quarter results
** ING deems the report "mixed, but slightly disappointing"
** While Fastned beat estimates on revenue line, the broker notes that organic growth versus the BEV fleet and gross profit per kWh were softer than hoped, alongside slower station openings
** Fastned's Q3 gross profit rose 44% year-on-year to €37 million, which Degroof Petercam says was "slightly" below consensus
** Van Lanschot Kempen N.V. analyst Jeremy Kincaid points out gross margin per kWh dropped from €0.60 to €0.55 this quarter
** ING's forecast on the gross profit per kWh was €0.60
** Charging revenue was €51.3 million, up 63%, missing ING's estimates by 4%
** The stock is on track for its worst day since May 2023, with today's slump reducing YTD gains to 89%
(Reporting by Margaux Perrin in Gdansk)