Brief: Grammer Cuts 2018 Outlook

GRAMMER AG

15/10/2018 14:39

Oct 15 (Reuters) - Grammer AG  GMMG.DE :
    * LOWER REVENUES DUE TO WEAKER OEM SALES AND TRANSACTION
COSTS
IMPACT RESULT IN THE 3RD QUARTER OF 2018 - ADJUSTMENT OF
FULL-YEAR OUTLOOK NECESSARY
    * WILL FALL SHORT OF ITS REVENUE TARGET FOR 2018 (EUR 1.85
BILLION) BY AT LEAST EUR 50 MILLION
    * OPERATIVE EBIT) OF AROUND EUR 57 MILLION IN PERIOD FROM
JANUARY
TO SEPTEMBER 2018 WILL BE FALLING SHORTLY BELOW OF PREVIOUS
YEAR'S FIGURE OF EUR 58.6 MILLION
    * NOW ASSUMES THAT FULL-YEAR EBIT IN 2018 WILL BE
SUBSTANTIALLY
LOWER THAN IN PREVIOUS YEAR (EUR 66.5 MILLION)
    * EBIT CAME TO AROUND EUR 27 MILLION IN PERIOD FROM JANUARY
TO
SEPTEMBER 2018
    * NOW ASSUMES THAT FULL-YEAR EBIT IN 2018 WILL ALSO FAIL TO
REACH
CURRENT FULL-YEAR GUIDANCE.
    * ASSUMES THAT FULL-YEAR EBIT IN 2018 WILL BE SUBSTANTIALLY
LOWER
THAN IN PREVIOUS YEAR (EUR 66.5 MILLION) AND ALSO FAIL TO REACH
CURRENT FULL-YEAR GUIDANCE
    * DECLINE IN REVENUE IN AUTOMOTIVE DIVISION THAT PERSISTED
SINCE
END OF Q3 DUE TO WEAKER DEMAND ESPECIALLY IN EUROPEAN PASSENGER
CAR MARKETS

Source text for Eikon:  ID:nEQ8kGkHpa 
Further company coverage:  GMMG.DE 

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