Tessenderlo 'disappoints' on H1 earnings, FY outlook

Tessenderlo NV

24/08/2023 08:39

** Tessenderlo  TESB.BR  shares fall 4.5% after the Belgian
chemicals company's H1 adjusted EBITDA and FY guidance came
below expectations
    ** The company's H1 adjusted EBITDA falls to 205.1 million
euros  ($222.60 million), a 23% y/y drop on a pro-forma basis
    ** The group now expects FY adjusted EBITDA to be 20%-30%
lower y/y, citing customer and sales margin being under pressure
from high level of economic uncertainty 
    ** KBC Securities dubs Tessenderlo's earnings and FY outlook
"disappointing" 
    ** It points to lower volumes and declining margins as the
drivers for the below-forecast half-year results across
Tessenderlo's divisions
    ** ING highlights the half-year miss was mainly caused by
lower selling prices, less favourable market circumstances for
fats and start-up expenses at agro- and bio-valorisations
    ** Shares are on track for their worst day in five months,
if losses hold
    
($1 = 0.9214 euros)

 (Reporting by Laura Lenkiewicz)
 ((Laura.lenkiewicz@thomsonreuters.com))