Tomra hits 5-yr low as Food unit, cyber attack weigh on Q3

Tomra Systems ASA

20/10/2023 09:07

** Shares in Tomra Systems  TOM.OL  dive 13% to the bottom
of pan-European STOXX 600  .STOXX  after the Norwegian
sustainable technology company's Q3 results missed expectations
    ** Tomra's revenue grew y/y to NOK 3.52 billion, but missed
the NOK 3.65 billion seen in LSEG poll; EBITA, adjusted for
cyber attack costs of NOK 120 million, was down 4% y/y 
    ** "Massive disappointment in Food again," Jyske Bank says,
adding the unit's sales were 12.6% below estimates 
    ** Tomra said earlier in October it would implement a cost
saving program in the division -- Jyske expects a one-off cost
of EUR 20 mln forecasted by the company to affect results from
Q4
    ** Jefferies notes that cyber attacks not only triggered
additional costs but also caused a delay in invoicing, which
impacted Tomra's cash flow
    ** Further costs are expected in the final quarter as
additional internal systems are restored, Jefferies adds
    ** The stock, on track for worst day since Sept. 22, hits
its lowest price since late 2018

($1 = 11.0353 Norwegian crowns)

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))