Nibe falls after Q2 miss amid demand slowdown

Nibe Industrier AB

17/08/2023 08:23

** Shares in Nibe  NIBEb.ST  fall 9% after the Swedish heat
pump maker reported Q2 results below estimates, slower growth in
demand in some markets
    ** Nibe's quarterly sales came in at 11.83 billion Swedish
crowns ($1.08 billion), against 12.20 billion seen in a Refinitv
poll analyts, and operating profit at 1.84 billion crowns, while
analysts expected 1.91 billion on average
    ** Nibe says some of the markets have shown a slower pace in
demand growth, while the company's sub-suppliers were not able
to compensate for steep price hikes
    ** Nibe shares are down 20% year to date and are among
bottom movers on STOXX 600  .STOXX 

($1 = 10.9162 Swedish crowns)

 (Reporting by Boleslaw Lasocki)
 ((boleslaw.lasocki@thomsonreuters.com))