Norma set for worst day in over eight months as cautious outlook weighs
28/03/2023 08:28
** Shares in Norma Group NOEJ.DE plunge 11%, on track for
worst day in over eight months, after the automotive and
industrial supplier posts "conservative" 2023 outlook
** Baader Helvea points to the company's "cautious" margin
outlook for 2023, due to ongoing burdens from restructuring
measures
** "As NORMA's cost position will improve only gradually as
a result of the implemented structural measures, margin
improvement will be backend-loaded while profitability in 1Q23
might still be low," the broker adds
** The company expects medium single-digit organic Group
sales growth for 2023, compared to a growth of 13.8% in 2022,
with adjusted EBIT margin remaining stable at around 8%
(Reporting by Linda Pasquini)
((Linda.pasquini@thomsonreuters.com))