Jungheinrich jumps after strong Q1 drives outlook hike

Jungheinrich AG

25/04/2023 09:25

(Adds milestone, share move, analyst comments, changes
headline)
    ** Shares in Jungheinrich  JUNG_p.DE  jump 10%, on track for
their best day in almost two years, as the German forklift truck
maker hiked its FY guidance after a positive business
performance in Q1 and the recent acquisition of U.S. company
Storage Solutions Group
    ** "The recently issued EBIT guidance was raised by more
than 60mio from which around 2/3 is explainable with the
exceptional Q123 prelim EBIT," a local trader says
    ** Baader Helvea notes the strong preliminary Q1 figures,
which "clearly" exceeded expectations and significant guidance
increase regarding all KPI's
        ** The broker says that valuation of Jungheinrich shares
looks highly attractive given increased new sales and earnings
projections
  
    ** The company now expects EBIT to be between 400 million
euros and 450 million euros ($441.96-$497.21 million), as it
foresees FY sales to come in a range of 5.1 billion euros and
5.3 billion euros
    ** The stock tops Germany's mid-cap index  .MDAXI 


($1 = 0.9051 euros)


($1 = 0.9067 euros)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))