Brief: Kongsberg Automotive Lowers Adjusted EBIT Guidance For 2023

Kongsberg Automotive ASA

08/08/2023 06:12

Aug 8 (Reuters) - Kongsberg Automotive ASA  KOA.OL :
    * OUTLOOK 2023:  CONFIRMING REVENUE GUIDANCE OF MEUR 880-900
FOR
2023
    * OUTLOOK 2023: CONSIDERING ONE-TIME COSTS IN Q2, COMPANY IS
UPDATING ITS ADJUSTED EBIT GUIDANCE TO MEUR 20-25 (PREVIOUSLY
MEUR 25-30)
    * DECREASE IN REVENUE WAS PRIMARILY DRIVEN BY THE 
DIVESTMENT OF
POWERSPORTS BUSINESS TO BRP
    * DECREASE ALSO DUE TO SIGNIFICANT DECLINE IN THE CHINESE
PASSENGER CAR MARKET, PARTIALLY  OFFSET BY THE SIGNIFICANT
GROWTH IN THE COMMERCIAL VEHICLE MARKETS IN EUROPE AND AMERICAS
    * Q2 REVENUE EUR 224.5 MILLION VERSUS EUR 225.6 MILLION YEAR
AGO
    * Q2 ADJUSTED EBIT EUR 0.3 MILLION VERSUS EUR 4.0 MILLION
YEAR AGO
    * Q2 EBITDA LOSS EUR 4.1 MILLION VERSUS PROFIT EUR 10.6
MILLION
YEAR AGO
    * ADJUSTED EBIT WAS MEUR 3.7 LOWER THAN IN Q2 2022, OF WHICH
MEUR
5.4  WAS DUE TO ADVERSE ONE-TIME EFFECTS.

Source text for Eikon:  ID:nWkr4yFFkd 
Further company coverage:  KOA.OL 

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