Sanoma shares lifted by Q3 results and profitability improvement program
26/10/2023 09:26
** Sanoma's shares are up 9% after the Finnish media group
announced profitability improvement program in its Learning
segment and posted Q3 results above estimates
** The company posted Q3 sales of 580.3 million euros
($611.98 million), above Vara consensus of 559.4 mln
** Co announced it expects annual operational efficiencies
of about 55 mln euros from 2026 through its "Solar" improvement
program
** Inderes analyst Petri Gostowski said that both Q3 results
and profitability improvement program are the reason for the
positive performance, adding that narrowed 2023 guidance is in
line with market expectations
** "Sanoma announced that in their Learning-segment they
will reach the >23% EBIT-margin target in 2026, which I believe
is above market expectations," he said
** Including today's rise the stock has dropped by 24.95%
YTD
($1 = 0.9482 euros)
(Reporting by Anna Jaworska-Guidotti)
((anna.jaworska-guidotti@tr.com))