Brief: Parrot Calls Previously Announced Guidance Into Question

Parrot SA

23/11/2018 06:11

Nov 23 (Reuters) - PARROT SA  PARRO.PA :
    * ACTION PLAN TO RETAIN €100M OF CASH BY END-2019
    * Q3 DISAPPOINTING RESULTS IN LIGHT OF A SIGNIFICANT
CONSUMER
DRONE MARKET CONTRACTION
    * Q3 NET INCOME AFFECTED BY THE IMPAIRMENT OF GOODWILL
    * Q3 REVENUE EUR 23.4 MILLION VERSUS EUR 39.2 MILLION YEAR
AGO
    * Q3 EBIT LOSS EUR 50.9 MILLION VERSUS LOSS OF EUR 12.6
MILLION
YEAR AGO
    * Q3 NET LOSS GROUP SHARE EUR 51.8 MILLION VERSUS LOSS OF
EUR 14.1
MILLION YEAR AGO
    * THE GUIDANCE ANNOUNCED PREVIOUSLY IS BEING CALLED INTO
QUESTION
BY THE CONSUMER MARKET’S DEVELOPMENT
    * FOR THE FOURTH QUARTER, PARROT EXPECTS REVENUES OF AROUND
€35M
    * FOR THE FOURTH QUARTER, PARROT EXPECTS STABLE GROSS MARGIN
RATE
ON AN ANNUAL BASIS,
    * PARROT IS EXPECTED TO HAVE €100M OF CASH AND AN
OUTSTANDING
PORTFOLIO OF COMPANIES AND INTERESTS AT THE END OF 2019
    * AROUND €15M TO €20M ARE EXPECTED TO BE NEEDED TO OPTIMIZE
PARROT
DRONE’S OPERATIONS
    * PARROT DRONE’S OPERATIONS: OPTIMIZATION WILL MAKE IT
POSSIBLE TO
ACHIEVE SUBSTANTIAL SAVINGS FROM 2019

Source text for Eikon:  ID:nGNE55959G 
Further company coverage:  PARRO.PA 

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