LEONI AG : Leoni cuts 2018 sales and EBIT guidance following weak Q3 2018 results
>Weak prelim. Q3 2018 results imply a 15% yoy EBIT decline to € 38m - Yesterday (22 October) Leoni released prelim. group Q3 2018 figures along with a profit warning. Sales were just flat yoy at € 1.2bn despite a copper-price related tailwind. The FX impact should be negligible as EUR/USD and EUR/CNY were basically unchanged yoy on avg. in Q3 2018. The prelim. results imply c.2% yoy organic group sales growth, but given the ramp-down of a large-volume vehicle project,...Leoni AG acts as the holding company, engaged in providing wires, optical fibers, cables and cable systems as well as related services for applications in the automotive sector and other industries. Co.'s business comprised of two divisions: Wire & Cable Solutions (WCS), which develops, produces and assembles wires and strands, optical fibers, standard and special cables, hybrid and optical cables as well as complete cable systems for a variety of industrial applications; Wiring Systems Division (WSD), which develops, produces and sells cable harnesses, complete wiring systems as well as related components for the global car, commercial vehicle and supply 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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