Lenzing set for worst day ever after guidance suspension
20/09/2022 10:58
(Adds milestone, updates share move)
** Lenzing LENV.VI sinks 18%, on track for its worst day
ever, after the Austrian chemical firm suspended its FY guidance
on Monday urn:newsml:reuters.com:*:nTUC8LD4K9
** The company cites limited market visibility and high
volatility of the energy and raw material markets as reasons for
the suspension
** It adds its 2024 medium-term guidance is also at risk
** Brokerage Erste Group views this profit warning as a
negative surprise to the market, even considering Q2 results
which "evidenced that the company's profitability margins were
under mounting pressure from the escalating prices for energy
and raw materials"
** The stock slumps to the bottom of the Austrian traded
index .ATX , at lowest price since October 2020
(Reporting by Tristan Chabba)
((Tristan.chabba@thomsonreuters.com))