Kongsberg Automotive reports Q4 profit decline and "flat revenue development", shares fall
12/03/2024 09:13
** Shares in Konsgberg Automotive KOA.OL fall 5% after the
Norwegian automotive parts manufacturer posted its Q4 print with
"flat revenue development"
** Its Q4 revenue ended at EUR 211 million ($230.48
million), roughly unchanged from EUR 215.3 million year on year
** Its Q4 EBITDA came in at a loss of EUR 12.3 million for,
from profit of 53 million euros Q4 2022
** The company states it's "clearly not satisfied" with the
financial performance of 2023, adding that write-downs in the
driveline business unit contributed to a significant loss after
tax
** The co says the adjusting and restructuring items in 2023
comprised cost related to the impairment on the Driveline assets
at MEUR 27.0, MEUR 5.6 related to restructuring cost for the
overhead optimization program announced in Q3 2023 and
right-sizing of a Driveline plant, among others
** Kongsberg Automotive share sits at the bottom of Oslo
Børs Benchmark Index .OSEBX
($1 = 0.9155 euros)
(Reporting by Elviira Luoma)
((Elviira.luoma@thomsonreuters.com))