Kongsberg Automotive slides as guidance miss expectations

Kongsberg Automotive ASA

14/03/2023 10:48

** Shares in Kongsberg Automotive  KOA.OL  fall 10% after
the Norwegian automotive parts manufacturer posted Q4 report and
guided for a profit decline in 2023
    ** "Our take on the report is that the earnings were
slightly soft accounting for some small losses from discontinued
operations," Sparebank 1 Markets' analyst Ole-Petter Sjøvold
says
    ** The company reported Q4 adjusted EBIT of EUR 11 million 
($11.78 million), which was in line with both Sparebank 1
Markets' estimate and the company's updated guidance from Q3
    ** The brokerage sees FY adjusted EBIT guidance being the
most negative part of the report coming in at EUR 25-30 million,
"substantially below" the brokerage's estimates of EUR 52
million
    ** The group guides for 2023 adjusted EBIT of EUR 25-30
million versus EUR 35.6 million reported for the full year 2022
    ** Sjøvold says the lower-than-expected guidance is "mainly
driven by the sale of KOA's Shawinigan operations last year
which appears to be much more profitable than initially
indicated" in the Q3-presentation last year
    ** Share sits at the bottom of Oslo Børs Benchmark Index
 .OSEBX 


($1 = 0.9338 euros)

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))