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Outokumpu Oyj Lowers H2 2013 EBIT Guidance; Issues Q3 2013 EBIT Guidance Below Analysts' Estimates


Wednesday, 24 Jul 2013 02:00am EDT 

Outokumpu Oyj announced that it lowers its expectation of improvements in underlying EBIT during the second half of fiscal year 2013. This is due to the continued deterioration of the nickel price, the weak market demand, especially in Europe, in a seasonally sluggish quarter and weaker performance of the Americas business. For the third quarter of fiscal year 2013, company expects the EBIT to be on approximately the same level as in the second quarter of fiscal year 2013. This includes, at current metal prices, further raw material related timing losses and further non-recurring items associated with Group’s ongoing restructuring programs. The underlying EBIT is expected to be worse than in the second quarter of 2013. The Company reported EBIT for the second quarter of fiscal year 2013 of negative EUR 164 million. According to I/B/E/S estimates, analysts on average are expecting the Company to report EBIT for the third quarter of 2013 of negative EUR 59.10 million. 

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6 May 2015