SGL Carbon: Hits 17-yr low after CEO quits, "massive profit warning"
15/08/2019 08:31
(Adds milestone, analyst's comments)
** SGL Carbon SGCG.DE plummets 25% after its CEO resigns
following a lower-than-expected performance at business unit
Composites-Fibers & Materials (CFM) and a guidance cut
** "The current news can mean that the entire future of SGL
Carbon, at least the current structure, will be under review,"
Baader Helvea says
** The brokerage says it wouldn't exclude that the main
shareholder, SKion, might take the entire company private,
adding that this might be positive option for shareholders
** CEO Juergen Koehler, whose contract was renewed for
another 3 years in April, will leave the company at the end of
August urn:newsml:reuters.com:*:nL8N25B1CJ
** SGL cut its FY outlook, citing a "significant deviation"
at business unit CFM, adding that it would need to take counter
measures
** It now sees recurring EBIT of a mid-single digit mln euro
amount for the CFM unit and group recurring EBIT about 10 mln
euros below the prior year level
** It also said the 2020-2022 group guidance is no longer
sustainable and that it will publish revised guidance in January
2020 at the latest
((daria.kowalewska@tr.com))