SIG Group falls after Q2 results miss expectations
25/07/2023 08:33
** Shares in SIG Group SIGNC.S are down more than 4% after
the Swiss packaging company reported second-quarter results
below expectations
** Adjusted EBITDA rose to 208.7 million euros ($231.3
million) in the second quarter of 2023, 4.2% below Credit
Suisse's estimate
** "Miss vs CSe largely driven by higher than forecast Group
functions," says the broker
** SIG reported Q2 total revenue of 811 million euros, 20
million euros below consensus cited by CS and 55 million euros
below the broker's own estimate
** While price increases and easing raw material costs
allowed SIG to improve profitability in H1, profitability in the
second quarter was still partially diluted by M&A, Vontobel says
** The company hits the bottom of the Swiss mid-cap index
.SMIM , on track for its worst day since November
($1 = 0.9024 euros)
(Reporting by Anna Mackenzie)
((Anna.mackenzie@thomsonreuters.com))