Outokumpu : A disappointing Q1 2019. Q2 should be better
>Q1 2019: mixed results - For Q1 2019, Outokumpu reported adjusted EBITDA of € 54m (vs € 133m last year and € 89m in Q4 2018), well below the Vara consensus (€ 66m) and our forecast of € 60m. Note that this figure includes a loss of € 12m at the Europe division (adjusted EBITDA of € 42m vs € 33m in Q4 2018) linked to currency derivatives (unexpected), whilst losses linked to the revaluation of stocks at € 13m (vs -€ 15m in Q4 2018). The fall in realised prices came as...Outokumpu is organized into the following five business areas: Coil Europe, Middle East and Africa, which consists of stainless operations as well as ferrochrome production in Europe; Coil Americas, which produces standard austenitic and ferritic grades as well as tailored products; APAC, which includes cold rolling facility and coil and plate service center in China, as well as a coil service center in Australia; Quarto Plate, which is comprised of the quarto plate production facilities in Sweden and in the U.S.; as well as Long Products, in which its products are used in a range of applications such as springs, wires, surgical equipment, automotive parts and construction.
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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