SMA Solar tumbles after guidance cut
19/06/2024 07:06
** Shares in SMA Solar Technology S92G.DE slump 29% in
early Frankfurt trade after the German solar power equipment
maker cut its 2024 guidance, citing persistent market volatility
and high inventories at distributors and installers
** It now expects FY sales to be in the range of EUR
1.55-1.7 billion (previously: EUR 1.95-2.22 billion) and EBITDA
between EUR 80-130 million (previously: EUR 220-290 million)
** "The significance of the cut is disappointing also for
cautious analysts that already pointed to low visibility for
H224," a local trader says
** "While we were cautious given the lack of visibility on
the magnitude of the recovery in 2H24, we are surprised by the
size of the cut," Jefferies says
** The stock is at the bottom of Germany's mid-cap index
.MDAXI
(Reporting by Amir Orusov, Anastasiia Kozlova)
((Amir.orusov@thomsonreuters.com ;
Anastasiia.Kozlova@thomsonreuters.com))