Grenke slumps as Q3 earnings halve amid rise in insolvencies
30/10/2024 08:44
** Grenke GLJn.DE tumbles 25% after the German leasing
company cut its earnings guidance for 2024 and reported a drop
in Q3 results, citing a rise in insolvencies among customers
** It now expects group earnings between 68 million and 76
million euros ($73.71 million-$82.38 million)for the full year,
down from a previous range of 95-115 million euros
** The group's preliminary Q3 earnings fell 50%
year-on-year, coming in at 12 million euros, hit by higher
expenses for settlement of claims and risk provisioning
** Grenke expects expenses linked to insolvencies in Q4 to
remain at the Q3 level
** Shares are on track for their worst day since February
2021
($1 = 0.9230 euros)
($1 = 0.9226 euros)
(Reporting by Isabel Demetz)
((Isabel.demetz@thomsonreuters.com))