GN Store Nord cuts forecasts after product line wind-down (updated)

GN Store Nord A/S

11/06/2024 09:27

(Adds analyst, share move, paragraphs 3-5)
       June 11 (Reuters) - 
    Denmark's GN Store Nord  GN.CO  lowered its 2024 financial
targets on Tuesday citing plans to gradually wind down its Elite
and Talk product lines.
    The maker of hearing aids, speakerphones and headsets
expects an impact of around 450 million Danish crowns ($64.95
million) on its revenue and has narrowed its EBITA margin
guidance to 12-13% from 12-14%, GN said in a statement.
    The revised guidance reflects a strategic pivot, with the
strength of the Hearing division partially absorbing the costs
of the winding down of the product lines, said Nordnet analyst
Per Hansen.
        "While these changes affect 2024, they do not have
negative long-term aspects," he said. 
  
    GN shares were down 6.5% at 0806 GMT.
    ($1 = 6.9288 Danish crowns)

 (Reporting by Jesus Calero; editing by Louise Heavens and Jason
Neely)
 ((Jesus.calero@thomsonreuters.com))