Soltec tumbles as analyst points to results in divisions below guidance
28/02/2024 17:05
** Shares in Spain's Soltec Power Holdings SOLPW.MC fell
around 9%, paring earlier gains of 5.3% at session's opening
** FY net profit of Soltec, which makes equipment for solar
power plants, dropped to 11.7 million euros ($12.67 million)
from a year ago
** "The only explanation I see for the subsequent reaction
is that the results have been worse in the development and
assets divisions, where they have not met the given guidance",
Renta 4 analyst Eduardo Imedio told Reuters
** "A record quarter to meet 2023 targets", Imedio said in
an earlier pre-market note
** CM Capital Markets also said in a pre-market note that it
expected a negative stock reaction due to the net profit being
below consensus estimates
** It said, however, that at the operating front, Soltec's
adjusted EBITDA and revenues were above expectations with 56.5
million euros and 587.2 million euros, respectively
($1 = 0.9233 euros)
(Reporting by Tiago Brandao and Jakub Olesiuk)
((Tiago.Brandao@thomsonreuters.com;))