Konsberg Automotive slides on guidance cut
08/08/2023 08:53
** Shares in Kongsberg Automotive KOA.OL fall 7.1% after
the Norwegian automotive parts manufacturer cut its earnings
outlook for the year
** The company expects 2023 adj EBIT of 20-25 million euros
($22.4-28 million), against 25-30 million euros seen previously,
the guidance cut resulting from Q2 one-time costs
** It also reports a slight decrease in Q2 revenues, mainly
driven by Powersports business sale to BRP and China's passenger
car market decline
** Share are on track for its worst day in three months and
sit at the bottom of Oslo Børs Benchmark Index .OSEBX
(Reporting By Jesus Calero)
((Jesus.calero@thomsonreuters.com))