Kloeckner falls after 'disappointing' Q3 numbers, outlook cut

Kloeckner & Co SE

31/10/2023 07:23

** Shares in Kloeckner  KCOGn.DE  are seen down 2.8% in
early Frankfurt trade after the German metals trader posted
lower-than-expected Q3 results and cut its FY outlook 
    ** Kloeckner's 9M sales came in at 6 billion euros ($6.36
billion), which is down from 7.4 billion euros a year earlier,
as its EBITDA amounted to 172 million euros for the period,
compared to 439 million previous year
    ** The co lowered its full-year EBITDA forecast to 170-200
million euros from 220-280 million, citing ongoing challenging
macroeconomic environment, especially in Europe 
    ** "Disappointing numbers and lowered outlook no real
surprise, after shares almost halved since May," a local trader
says
    ** "Still, biz at KCO is even weaker than feared and any
signs of relief are missing," it added
    **  The stock seen at the bottom of Germany's small-cap
index  .SDAXI 
    ** The stock has dropped by 39.63 % YTD.​


($1 = 0.9427 euros)

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