SGL Carbon: Seen tumbling after CEO resigns, outlook cut

SGL Carbon SE

15/08/2019 07:46

** SGL Carbon  SGCG.DE  is seen tumbling 16% at market open
after its CEO resigns following a lower-than-expected
performance at business unit Composites-Fibers & Materials (CFM)
    ** 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:*:nASP0015MP
    ** 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
    ** A week ago, SGL reported a 5% drop in half-year adj EBIT
but confirmed its FY outlook for recurring EBIT around the
year-earlier level  urn:newsml:reuters.com:*:nFWN2511AW 
    

 ((daria.kowalewska@tr.com))