• Most Popular
  • Most Shared

Zumtobel full-year earnings plunge, outlook bad

Mon Jun 29, 2009 2:29am EDT

Stocks

   

* Full-year EBIT drops 36 pct on forex and recession

* Warns on outlook, no recovery before 2010

* No dividend

VIENNA, June 29 (Reuters) - Austrian lighting equipment maker Zumtobel (ZUMV.VI) reported a 36 percent fall in full-year adjusted operating earnings on Monday, scrapped its dividend and warned recovery would only come in 2010.

Earnings before interest and tax (EBIT) adjusted for exceptional items and non-recurring expenses fell to 78.9 million euros ($110.5 million) in the year ended April 30.

This was higher than an average forecast of 65 million euros for the full year 2008/2009 in a Reuters survey of six banks. [ID:nLN640705]

"Zumtobel ... expects a further deterioration in the operating environment for the construction industry and, because of the delayed cyclical nature of its business, assumes the lighting industry will only reach the low point of this crisis in 2010," it said in a statement.

Zumtobel shares have gained 30 percent since the start of the year, outperforming the DJ Stoxx European construction index .SXOP which has risen some 3 percent. ($1=.7143 Euro) (Reporting by Sylvia Westall; Editing by Jon Loades-Carter)



More from Reuters

Photo

Honda expands airbag recall as more Toyotas probed

TOKYO/DETROIT (Reuters) - Honda Motor Co said it would recall another 440,000 cars around the world for faulty airbags as rival Toyota Motor Corp faced further probes over its largest-ever safety crisis. | Video

» More Top News
Chairman of the Federal Reserve Ben Bernanke testifies before the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill in Washington July 22, 2009. REUTERS/Kevin Lamarque
John Kemp:

The Fed needs a new storyline

It's irrelevant whether the Fed sells its assets back to the market. What matters is whether and when it's prepared to raise rates.  Commentary 

Economy
A worker drives a Toyota Motor Corp's newly assembled Prius hybrid vehicle onto a trailer near the company's plant in Toyota, central Japan February 9, 2010.REUTERS/Yuriko Nakao
Reuters Breakingviews:

Toyota's troubles in overdrive

The cost of Toyota's recall nightmare is nothing compared to the price of fixing its battered reputation.  Commentary 

Autos