Stabilus set for its biggest daily drop after outlook cut

Stabilus SE

12/06/2024 08:39

** Shares in Stabilus  STM1.DE  slump 15%, on track for
their biggest daily drop ever if losses hold, after the
industrial and automotive supplier cut its FY guidance on
Tuesday
    ** Stabilus expects FY revenue of 1.3-1.35 billion euros
($1.4-1.45 billion), vs previous target of 1.4-1.5 billion euros
    ** "The adjusted forecast is based on a weaker-than-expected
revenue development in Q3 and a muted outlook for Q4," Stabilus
says, adding that expected recovery in H2 will not materialize
    ** It sees FY EBIT margin of 11.7%-12.3% vs 13%-14%
previously
    ** J.P.Morgan says the German new guidance is below
consensus and JPM estimates

($1 = 0.9312 euros)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))