Verralia down after cut in EBITDA guidance

Verallia SA

09/07/2024 08:09

** Shares in Verallia  VRLA.PA  are down 12.7%, to the
bottom of SBF120  .SBF120  after the company revised down its
core profit guidance on Monday
    ** French glass packaging producer now expects EBITDA of 866
million euros ($937.88 million) for 2024, around same level as
in 2022, compared with a previous guidance of around 1 billion
euros
    ** "Recovery is slower than anticipated and we estimate that
activity in second half should continue to improve at a slower
pace than we initially expected", Verallia said in a statement
    ** The group however said that its cost reduction trajectory
generated by the performance action plan remains fully in line
with its expectations
    ** Up to the previous session's close, shares were down
1.5%​ YTD

 (Reporting by Mathias de Rozario)
 ((mathias.derozario@thomsonreuters.com))