Brief: Probi Ajusts FY Guidance Due To Weaker Market Growth In US

Probi AB

08/10/2019 14:09

Oct 8 (Reuters) - Probi AB  PROB.ST :
    * WEAKER MARKET GROWTH IN US
    * HAVING EXPERIENCED FAVORABLE GROWTH OVER RECENT QUARTERS, PROBI HAD A WEAKER SALES
DEVELOPMENT
THAN EXPECTED IN Q3, LEADING TO AN ADJUSTED FULL-YEAR EXPECTATION
    * MAIN REASON FOR SLOWDOWN IS LOWER MARKET GROWTH IN US WHICH HAS REDUCED DEMAND
    * ACCORDING TO PRELIMINARY REPORTING, PROBI'S TOTAL NET SALES FOR FIRST NINE MONTHS OF 2019
ARE
EXPECTED TO AMOUNT TO SEK 460 MILLION, AN INCREASE OF 4% (ADJUSTED FOR CURRENCY EFFECTS 0%)
COMPARED WITH CORRESPONDING PERIOD LAST YEAR.
    * NET SALES FOR FULL-YEAR 2019 IS EXPECTED TO BE IN LINE WITH PREVIOUS YEAR
    * DESPITE A GOOD START TO YEAR WITH CONTINUED GROWTH, PROBI CAN TODAY, BASED ON THIS
INFORMATION,
CONCLUDE THAT GOAL OF GROWING ORGANICALLY FASTER THAN GLOBAL MARKET IS UNLIKELY TO BE MET IN
2019
    * PROFITABILITY IS EXPECTED TO CONTINUE TO BE GOOD AND EBITDA MARGIN IS EXPECTED TO BE IN
LINE
WITH PREVIOUS QUARTERS.
    * GOAL OF GROWING ORGANICALLY FASTER THAN GLOBAL MARKET IS UNLIKELY TO BE MET IN 2019

Source text for Eikon:  ID:nWkr2rSPgf 
Further company coverage:  PROB.ST 

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