Soltec shares fall after 'weak' Q1 results

Soltec Power Holdings SA

11/05/2023 09:52

** Shares in Soltec  SOLPW.MC  drop around 12% after the
Spanish manufacturer of equipment for solar power plants
reported a 21% drop in Q1 revenues 
    ** Eduardo Imedio, analyst at Renta 4 Banco, described the
results as "weak", citing low activity in industrial division
coupled with the absence of project rotation in development
activity in the quarter
    ** However, Imedio underlines that project pipeline
increased 3-fold to 10.87 billion euros (+271% vs. 1Q22), which
indicates that 2023 "will be a year from less to more"
    ** The stock is on track for its worst day in almost 8
months
    ** Including today's fall the stock has gained 10.37%
year-to-date

 (Reporting by Tiago Brandao)
 ((Tiago.Brandao@thomsonreuters.com;))