Komax: Drops on FY EBIT miss, shortened working hours
28/01/2020 08:19
** Shares in Switzerland-based Komax Holding KOMN.S drop
4.9% in early trade, hitting their lowest level since late
August
** The company reported a FY EBIT margin of 5.5% vs 8%-9%
forecast at the end of August urn:newsml:reuters.com:*:nFWN29W0YG urn:newsml:reuters.com:*:nFWN25F0WD
** Order intake fell 17.7% to CHF 408.7 mln ($422.4 mln) and
revenues dropped around 13%, with the company citing a
"sluggish" automotive industry
** Customers continue to put off projects and it is unclear
when an upward trend will kick in, it says
** It will review its structures and shorten working hours
in Switzerland from March 1, it says, adding job cuts cannot be
ruled out
** "While we are not surprised to see Komax' top-line being
hit by depressed market conditions, we question the way
management has guided investors and analysts," Credit Suisse
says
** Komax slumped 11% on Jan. 21 after UBS downgraded it to
"sell" from "buy" urn:newsml:reuters.com:*:nL8N29Q282
** The stock is down a 10th consecutive day
($1 = 0.9675 Swiss francs)
((Daria.kowalewska@tr.com))