Nel slides after weaker than expected Q2

Nel ASA

17/07/2024 09:13

** Shares in Nel  NEL.OL  drop around 8% after the Norwegian
hydrogen solutions provider reported lower than expected Q2
results
    ** Nel's Q2 revenue was NOK 332 million ($30.79 million),
18% below the NOK 407 million seen in a company-compiled
consensus
    ** Nel says governmental incentives for its customers are
taking longer than expected to materialize, affecting order
intake in recent quarters 
    ** It also cites high interest rates and raw material prices
that increase renewable energy costs and affect market outlook
    ** J.P.Morgan says the results were "relatively weak",
highlighting a worse-than-expected EBITDA loss and weak net cash
    ** "Net cash of NOK 2.2 bln was -39% vs JPM estimates,
partly due to the cash needs for the Refueling spin out," the
broker adds
    ** Wednesday's losses wipe away YTD gains and send the stock
to the bottom of the Oslo blue chip index  .OBX 
    
($1 = 10.7823 Norwegian crowns)

 (Reporting by Tilla Sjaavaag)
 ((tilla.sjaavaag@thomsonreuters.com))