-Leoni: Plummets after FY EBIT miss

Leoni AG

25/02/2020 08:21

** Shares in Leoni  LEOGn.DE  slump 8% and are heading for
3rd straight day of losses after the German car-parts maker
reports lower than expected FY EBIT  urn:newsml:reuters.com:*:nASN0003D2
    ** Leoni reports adjusted EBIT at -66 mln euros ($71.56
million), which missed JP Morgan's estimates by 30 mln euros,
with the broker attributing it mainly due to a weak performance
of the company's wire and cable solution business
    ** The pickup in growth from the order intake of 2017/18 in
the business unit is still not visible, the broker says
    ** The broker expects continued cash burn on weakness in
operational performance and restructuring cash outs
    ** The stock is at the bottom of German small-cap index
 .SDAX 

($1 = 0.9223 euros)

 ((Veronica.snoj@tr.com))