Norma drops after Q3 sales miss expectations

Norma SE

07/11/2023 08:32

** Shares in Norma Group  NOEJ.DE  drop around 4% after the
company reported Q3 sales below expectations
    ** The company's sales dropped 6.7% yoy to 297.1 million
euros ($317.90 million) in the third quarter
    ** Baader Helvea, which had forecast quarterly revenue of
302 million euros, says the group's "quite weak" result does not
come as a major surprise after the group lowered its FY sales
guidance
    ** The brokerage also says the group's pretax profit and the
net result came in "weak" due to higher financial expenses and a
temporarily higher tax rate
    ** Norma's stock is down around 11% ytd, one of today's
worst performers in Germany's small-cap index  .SDAXI 

($1 = 0.9346 euros)

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))