Car service firm Mekonomen warns on profit, European market "abnormally weak"
18/01/2019 06:29
STOCKHOLM, Jan 18 (Reuters) - Swedish car service firm
Mekonomen MEKO.ST warned late on Thursday that its fourth
quarter profit would land lower than expected, citing "an
abnormally weak market" in Europe in the quarter.
The company said it expected to report an adjusted quarterly
operating profit (EBIT) of 105-115 million Swedish crowns
($24.40 million), higher than the 103 million profit a year
earlier, but far below the mean analyst forecast of 169 million
according to Refinitiv estimates.
"We have seen an abnormally weak market throughout Europe in
Q4 2018," Mekonomen CEO Pehr Oscarson said in a statement.
"However, we believe that we have retained our market shares
and believe in a more stable market going forward, but actions
need to be taken and will be presented no later than with the Q4
2018 report on 14 February", Oscarson.
($1 = 9.0155 Swedish crowns)
(Reporting by Johannes Hellstrom; editing by Johan Ahlander)
((johannes.hellstrom@thomsonreuters.com; +4687001008; Reuters
Messaging: johannes.hellstrom.reuters.com@reuters.net))