* Third quarter profit in line with expectations
* Lowers organic growth guidance slightly
* Weak Europe hits mobile headset business Netcom
(Adds analyst comment, details)
COPENHAGEN, Nov 15 Denmark's GN Store Nord
trimmed sales growth forecasts for this year, which the
hearing aid and mobile headset maker blamed on the UK's
"suppressed" financial sector and weakness in southern Europe.
The company said on Thursday that its mobile headset
division N etcom, which accounted for more than a third of total
revenue in the quarter, suffered in Europe.
"Europe, GN Netcom's largest region, was severely impacted
by the macroeconomic weakness in southern Europe and the
suppressed financial sector in the UK," it said.
This was partly offset by its headsets business in the
The group, which competes with Swiss group Sonova,
Siemens and compatriot William Demant,
narrowed its forecast for organic sales growth, which strips out
acquisitions, to a range of 4-5 percent from 4-6 percent.
It lowered organic growth guidance for Netcom this year to
"around 5 percent" from "around 7 percent".
"It is weighing on their growth prospects that part of
Europe has come to a halt," said Sydbank analyst Morten Imsgard,
adding the overall result was a little below his expectations.
Shares in the company traded down 4.2 percent at 0911 GMT,
against a 0.8 percent fall in the Copenhagen stock exchange's
The group's underlying third quarter earnings before
interest, tax and amortisation (EBITA) rose to 195 million
Danish crowns ($33.28 million) in July-September from 173
million a year earlier, in line with an average forecast of 194
million in a Reuters poll..
The company, which launched a new iPhone-compatible hearing
aid line in September, kept guidance for full-year core earnings
this year unchanged at a range of 815 million to 875 million
It also kept its 2013 target for revenue unchanged at more
than 6.4 billion crowns and an EBITA margin of around 19
Earlier this month, rival Sonova posted stronger first-half
profits, while William Demant cut its profit forecast for the
year due to tough markets.
($1 = 5.8597 Danish crowns)
(Reporting by Johan Ahlander and Mette Fraende, editing by
Patrick Lannin and Jane Merriman)