Tomra shares slide as Q1 earnings disappoint

Tomra Systems ASA

26/04/2024 08:41

** Shares in Norwegian recycling machinery maker Tomra
Systems  TOM.OL  fall 2.7% after reporting Q1 earnings below
expectations
    ** Q1 adjusted EBITA came in at NOK 176 million ($16.05
million), down 35.5% compared to a year ago
    ** Earnings disappoint by 37% with an EBITA margin of 4.8%
compared to an expected 7.7%, Jyske Bank says, adding that the
miss was driven by a "huge disappointment" (-87%) in Recycling
    ** "As pleasantly surprised as we were by how good the Q4
results were, Q1 2024 looks just as bad," Jyske says
    ** The expected conversion rate (order to revenue) indicates
a weak Q2 for both Food and Recycling sales, Jyske adds
    ** Tomra is among worst performers on the Oslo Exchange
Benchmark Index  .OSEBX 


($1 = 10.9647 Norwegian crowns)

 (Reporting by Elsa Ohlen)
 ((elsa.ohlen@thomsonreuters.com;))