Grammer: Set for best day in 15 mths after Q2 results
13/08/2019 08:31
** Grammer GMMG.DE shares rise 9.1% after the German car
interior maker reports better-than-expected Q2 earnings before
interest and taxes (EBIT) and confirms full-year outlook
urn:newsml:reuters.com:*:nASP0015IA
** The company, which counts Volkswagen VOWG_p.DE , BMW
BMWG.DE and Daimler DAIGn.DE among its biggest customers,
posts a 19.8% rise in its H1 EBIT in spite of a challenging
environment
** According to Bankhaus Lampe analysts, the beat was driven
mainly by the Amberg-based manufacturer's commercial vehicles
division
** The brokerage says the confirmed guidance is "not
particularly ambitious" now that the company's H1 EBIT has
already exceeded its 2018 EBIT
** A new CEO and CFO joined the group on Aug 1 after the
posts remained unoccupied for 7 months, which, in Bankhaus
Lampe's view, is "another step forward" for the group
((zuzanna.szymanska@tr.com))