CompoSecure slides after cutting annual forecast
08/11/2024 20:57
** Shares of metal payments cards manufacturer CompoSecure
CMPO.O fall as much as 20%; last down 11.8% at $13.79
** CMPO now expects annual adjusted core earnings to be
between $148 mln and $151 mln, lower than its prior forecast of
$150 mln and $157 mln
** Revised outlook reflects investments for future growth -
CMPO
** Company's early look at 2025 indicates sales growth could
be lower than it was in 2024 - CEO David Cote to analysts
** JPM analysts say they are excited about CMPO's
evolution, but remain "neutral" on the stock, as the company is
still several quarters away from seeing "tangible progress" from
new initiatives
** As of last close, CMPO shares up 203% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))