GRAMMER AG : Profit warning for FY 2023 but sales target reiterated
>Warning that Q4 2023 profitability could be worse than expected - Grammer has released a warning that the group’s Q4 2023 earnings performance is currently significantly below last year's level (Q4 2022 operating EBIT: € 34m; ODDO BHF Q4 2023e: € 32m). Accordingly, the FY 2023 forecast for operating EBIT of ~€ 70m (ODDO BHF: € 70m) is not achievable from today's perspective. However, Grammer expects FY 2023 operating EBIT to be significantly above last year's level (...Grammer is engaged as a producer of seating systems and automotive interiors. Co. supplies original equipment manufacturers (OEMs) of commercial and off-road vehicles, including agricultural and forestry vehicles as well as construction machinery and material handling vehicles. Other customer groups include rail transport OEMs, rail operators and bus manufacturers. Co. operates through two division: Seating Systems, which develops and produces driver and passenger seats for agricultural and construction vehicles, forklifts, trucks, buses and trains; and Automotive, which supplies headrests, armrests and center consoles to carmakers and systems suppliers for the automotive industry.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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