Lenzing falls as it cuts 2023 forecast

Lenzing AG

15/09/2023 07:46

** Lenzing  LENV.VI  shares fall 5.6% in early Frankfurt
trade after the Austrian chemical firm cut its annual forecast
on Thursday, citing continued weak development of the markets
relevant to the company
    ** It now expects its yearly EBITDA to fall within a range
of 270-330 million euros ($287.93 million-$351.91 million),
below the previous guidance that stood in a range of 320-420
million euros
    ** "Lenzing's profit warning comes as a negative surprise to
market participants who were reassured by the company’s
management at the beginning of August 2023", Erste Group writes
    ** "The profit warning suggests that the road to the
previous profitability parameters will take more time than
originally thought", it adds
    ** Lenzing's Frankfurt-listed shares falls to the bottom of
the Austrian Traded Index  .ATX  in early Frankfurt trade


($1 = 0.9377 euros)

 (Reporting by Tristan Veyet)
 ((Tristan.chabba@thomsonreuters.com))