Jungheinrich falls after Q3 order intake miss
10/11/2023 09:41
** Shares in Jungheinrich JUNG_p.DE drop more than 7%
after the German forklift truck maker reported Q3 order intake
below expectations
** The firm posted quarterly incoming orders of 1.19 billion
euros ($1.27 billion), 4% below consensus cited by Jefferies
** The group said in a statement Q3 orders for trucks in new
business "declined noticeably" due to economic challenges and
geopolitical instability
** Jungheinrich confirmed its FY forecast remains unchanged
**[We are] missing a short-term trigger for a positive share
price performance, not least due to obviously clouded business
prospects for 2024," Baader Helvea says, adding consensus
expectations for FY 2024 might be "too optimistic"
** "Within the sector we currently prefer Kion KGX.DE
because of its stronger regional diversification," Stifel says,
noting Kion's 20% lower exposure to the "muted" economic
environment in Europe
** Stock hits the bottom of German mid-caps index .MDAXI ,
on track for worst day since August
($1 = 0.9371 euros)
(Reporting by Anna Mackenzie)
((Anna.mackenzie@thomsonreuters.com))