GN shares dip after 'surprise' outlook cut

GN Store Nord A/S

11/06/2024 09:31

** Shares in GN Store Nord  GN.CO  are down 8%, narrowing
earlier losses of as much as 10%, as the Danish hearing aid and
audio solutions maker on Tuesday narrowed its full-year guidance
and announced plans to gradually wind-down its Elite and Talk
product lines 
    ** The group organic revenue growth guidance is narrowed
from 2%-8% to now 2%-6% and EBITA margin guidance from 12%-14%
to now 12%-13%
    ** Nordnet analyst Per Hansen says that while the downward
adjustment seems to be a minor one, the news on guidance cut
came in as a negative surprise after GN started the year with a
"solid" Q1 performance
    ** "Investors hate negative surprises," Hansen says, adding
that they now need to digest it 
    ** GN is the second worst performer on STOXX 600 index
 .STOXX 

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))