Stroeer shares rise after better-than-expected FY earnings

Stroeer SE & Co KGaA

05/03/2024 08:27

(Updates share move, adds milestone)
    ** Shares in Stroeer  SAXG.DE  jump 6.8% after the German
advertising company reported better-than-expected FY results and
released its earnings guidance for 2024
    ** The company's consolidated FY2023 revenue grew by 8% to
1.91 billion euros ($2.07 billion), as its EBITDA came in at
568.8 million euros, up 5% yoy, according to the preliminary
figures
    ** Stroeer's FY prelim earnings came in
better-than-expected, according to a local trader, as it expects
'bullish tone' should help shares move to its upper price range
    ** "Results beating solid expectations, as the company had
already flagged good momentum, even as Q124 is a less important
quarter," the trader adds
    ** The co expects its out-of-home (OOH) business segment to
up 15% organically in Q1 of 2024, as it anticipates FY24
consolidated revenue to grow noticeably higher than the organic
revenue growth of 7.5% seen in 2023
    ** "We expect to be able to continue out-of-home's (OOH)
strong fourth-quarter momentum from 2023 in the first quarter of
2024, and even increase it further," Co-Ceo Christian Schmalzl
said in the statement
    ** The stock, on track for its best day since November, tops
the Germany's mid-cap index  .MDAXI 


($1 = 0.9219 euros)

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