Nibe falls as it expects weaker H1, hit by construction slowdown
16/02/2024 12:25
** Shares in Nibe Industrier NIBEb.ST fall around 7% as
the Swedish heat pump maker said its weaker performance would
continue in the first half of 2024 after it saw a decline in
demand in the second half of last year
** "Our assessment is that our performance in the first
half and possibly the full year will be weaker," it said
** Nibe said it faces "a sharp drop in residential
construction" in Sweden with new housing output at the lowest
level since the banking crisis in the early 1990s
** Nordea analyst Carl Ragnestam says the firm's
comments on outlook are weighing on the stock
** Ragnestam adds, however, that "when the inventory
situation after distributors are normalized, which we expect to
happen during Q2, we should see a clearly better demand
situation"
** If losses hold, the stock will see its worst day since
Nov. 16, when it closed 6% lower
(Reporting by Tilla Sjaavaag)
((tilla.sjaavaag@thomsonreuters.com;))