Sims biggest loser on Australian benchmark after weak domestic earnings
BUZZ-Sims biggest loser on Australian benchmark after weak domestic earnings Updates
** Shares of Sims SGM.AX fall as much as 17.6% to A$21.265, their biggest intraday pct loss since late Jan 2019
** Shares hit lowest level since May 8; biggest percentage dropper on benchmark S&P/ASX 200 .AXJO, which is up 0.2%
** Metal recycling co's underlying operating earnings in Australia and New Zealand fall 22.7% in FY26, hit by decline in ferrous sales volumes
** Co warns Chinese steel exports to continue pressuring ferrous markets in FY27, particularly Australia and New Zealand
** Jefferies says SGM's FY26 EBIT was 10% above its estimates, but adds co's strong result will be offset by FY27 downgrades within its various markets
** YTD, shares up over 26%, AXJO up about 4%
(Reporting by Nichiket Sunil & Rajasik Mukherjee in Bengaluru)
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Brief: Sims Sees FY26 Underlying EBIT A$420 Million-$435 Million, Up From A$350 Million-$400 Million