Edition:
India

Grammer Cuts 2018 Outlook


Monday, 15 Oct 2018 

Oct 15 (Reuters) - Grammer AG ::LOWER REVENUES DUE TO WEAKER OEM SALES AND TRANSACTION COSTS IMPACT RESULT IN THE 3RD QUARTER OF 2018 - ADJUSTMENT OF FULL-YEAR OUTLOOK NECESSARY.WILL FALL SHORT OF ITS REVENUE TARGET FOR 2018 (EUR 1.85 BILLION) BY AT LEAST EUR 50 MILLION.OPERATIVE EBIT) OF AROUND EUR 57 MILLION IN PERIOD FROM JANUARY TO SEPTEMBER 2018 WILL BE FALLING SHORTLY BELOW OF PREVIOUS YEAR'S FIGURE OF EUR 58.6 MILLION.NOW ASSUMES THAT FULL-YEAR EBIT IN 2018 WILL BE SUBSTANTIALLY LOWER THAN IN PREVIOUS YEAR (EUR 66.5 MILLION).EBIT CAME TO AROUND EUR 27 MILLION IN PERIOD FROM JANUARY TO SEPTEMBER 2018.NOW ASSUMES THAT FULL-YEAR EBIT IN 2018 WILL ALSO FAIL TO REACH CURRENT FULL-YEAR GUIDANCE..ASSUMES THAT FULL-YEAR EBIT IN 2018 WILL BE SUBSTANTIALLY LOWER THAN IN PREVIOUS YEAR (EUR 66.5 MILLION) AND ALSO FAIL TO REACH CURRENT FULL-YEAR GUIDANCE.DECLINE IN REVENUE IN AUTOMOTIVE DIVISION THAT PERSISTED SINCE END OF Q3 DUE TO WEAKER DEMAND ESPECIALLY IN EUROPEAN PASSENGER CAR MARKETS. 

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