Tomra shares drop as earnings disappoint

Tomra Systems ASA

24/02/2023 09:10

** Shares in Norwegian sustainable technology company Tomra
Systems  TOM.OL  slide 3% after posting Q4 results
    ** The provider of collection and sorting systems presented
a slightly mixed quarterly account with sales beating
expectations by 8% but EBITA margin ending at 90 bps. below
estimates, Jyske Bank says
    ** The brokerage adds the disappointment is driven by both
Collection (14.5% vs. 15.6% expected) and Recycling (20.7% vs.
23.4% expected) units, while Food segment surprised positively
(14.2% vs. 13.2% expected)
    ** Jyske points out that the earnings continue to be hit by
cost inflation, which particularly affects collection business,
where ramp-up costs weigh on margins
    ** Friday's losses wiped off 1.6 billion Norwegian crowns
($0.16 bln) from company's market cap. 
 (Reporting by Agnieszka Gosciak-Rabalska)
 ((Agnieszka.Gosciak@thomsonreuters.com))