Italy's Industrie De Nora lowers revenue guidance, launches buybacks (updated)

thyssenkrupp nucera AG & Co KgaA

08/11/2023 13:57

(Adds details on net profit in paragraphs 4-5, shares in
paragraph 6, 2025 guidance in paragraph 8)
       Nov 8 (Reuters) - Italian electrode maker Industrie De
Nora  DNR.MI  on Wednesday lowered its 2023 revenue guidance and
launched a 45 million euro ($48 million) share buyback
programme.
    It now expects total consolidated revenue of 850-870 million
euros, having in July guided to the bottom end of a range of
900-950 million.
    Its net profit for the first nine months of the year more
than tripled to 198.2 million euros on revenue up 2% at 629.8
million.
    Its net profit was boosted by a non-recurring income of 130
million euros including proceeds from the stock market listing
in Frankfurt of Thyssenkrupp Nucera  NCH2.DE , its joint venture
with Germany's Thyssenkrupp  TKAG.DE .
    The one-off income included "the reduction of De Nora's
percentage interest in Thyssenkrupp Nucera (dilutive effect) and
the capital gain from the greenshoe option exercise," the group
said. 
    At 1328 GMT, De Nora shares were down 2.2%, paring losses
after falling as much as 5%.
    While speaking about green hydrogen, CEO Paolo Dellachà said
in a statement: "In the short term, the market is accelerating
more slowly than anticipated due to moderate development of the
various regulations, the evolution of renewable energies and to
global macroeconomic factors"
    Industrie De Nora now sees a less bright situation for 2025
as "with reference to the Energy Transition segment, despite a
growth scenario, a downsizing of the 2025 objectives is
expected(...) considering a slower development speed for the
green hydrogen market", it said.
    The company said on November 9 it will start a share buyback
programme of up to 45 million euros, which may be increased by
an additional 44 million euros.
        ($1 = 0.9369 euros)

 (Reporting by Alberto Chiumento; editing by David Goodman)
 ((Alberto.chiumento@thomsonreuters.com))