SMA Solar falls after Q2 miss
08/05/2024 08:33
** Shares in SMA Solar Technology S92G.DE slump 15.2%
after the German solar power equipment maker's quarterly results
missed market expectations
** The company posted Q1 sales of 361.8 million euros
($388.57 million), missing analysts' estimates of 392 million
euros in a consensus compiled by the company
** It reported Q1 EBITDA at 49.9 million euros, down from 60
million euros a year earlier, as its EBIT came in at 38.2
million euros vs 50.4 million euros in 2023
** "Q1 results looking rather weakish might raise some
doubts on guidance," a local trader says, as Jefferies comments
that the company's quarterly results came in materially below
consensus expectations
** Stock hit the bottom of Germany's mid-cap index .MDAXI
and are on track for worst day since June 2022
** Shares lost 27.5% YTD
($1 = 0.9311 euros)
(Reporting by Ozan Ergenay)
((ozan.ergenay@thomsonreuters.com))