Nel slides after Q3 miss

Nel ASA

16/10/2024 08:28

** Shares in Nel  NEL.OL  drop nearly 5% after the Norwegian
hydrogen solutions provider reported lower-than-expected Q3
results
    ** It posted Q3 revenues of NOK 366 million ($33.82
million), below the NOK 406 million seen by company-compiled
consensus; EBITDA loss of NOK 90 million, while consensus saw
loss of NOK 61 million
    ** The company said capex would fall by about 50% in 2025 vs
2024 
    ** "Nel's reduced capex guidance for 2025 suggests a very
cautious market outlook for next year," RBC says
    ** J.P. Morgan says the Q3 results were relatively weak,
noting further backlog decline of 10% quarter-on-quarter to
about NOK 1.9 billion
    ** Up to the previous session's close, shares were down
33.9%​ YTD


($1 = 10.8221 Norwegian crowns)

 (Reporting by Marta Frąckowiak)
 ((marta.frackowiak@thomsonreuters.com))