Wienerberger shares fall after Q2 miss

Wienerberger AG

10/08/2023 08:58

** Wienerberger  WBSV.VI  shares fall 8.3% as the Austrian
brickmaker reported its H1 results below expectations, with
persistently high inflation, rising interest rates and reduced
affordability hitting the firm
    ** The group reported H1 revenue of 2.20 billion euros
($2.43 billion), 6% under analysts' estimates according to Erste
Group
    ** It narrowed down its full-year outlook, now expecting to
achieve an operating EBITDA for 2023 of between 800-820 million
euros
    ** Erste Group analyst Michael Marschallinger says the
results stand alone are neutral to slightly negative
    ** "I think the negative share price reaction stems from the
changed and weaker end-market outlook in Europe and the quite
steep revenue/volume drop in Eastern Europe and fears that this
might spill over to Western Europe in the next quarters," the
analyst adds
    ** Wienerberger falls to the bottom of the STOXX 600 index
 .STOXX 
    
($1 = 0.9082 euros)

 (Reporting by Tristan Veyet)
 ((Tristan.chabba@thomsonreuters.com))