Denmark's NKT bounces up after Q3 beat, outlook hike

NKT A/S

31/10/2023 08:14

** Shares in NKT  NKT.CO  rise 5% after the Danish cable
solution provider posted preliminary Q3 numbers beating
consensus and hiked its outlook
    ** The company's Q3 operational EBITDA comes in at EUR 76
million ($80.67 million), 22.6% above the estimate seen in a
company-provided consensus 
    ** NKT says results driven by "satisfactory execution"
across Solutions and Applications
    ** The company also raises its FY operational EBITDA
guidance to about EUR 240-260 million (prev.: about EUR 215-245
million)
    ** "We believe the good Q3 and upgraded guidance should help
sentiment after YTD underperformance, driven by concerns on NKT
offshore wind backlog which we expect management to address with
detailed Q3 results next week," says J.P.Morgan
    ** Up to Monday's close, shares were down 6.1%​ YTD


($1 = 0.9422 euros)

 (Reporting by Greta Rosen Fondahn)
 ((Greta.RosenFondahn@thomsonreuters.com))