November 7, 2019 / 4:50 PM / 6 days ago

Massimo Zanetti trims 2019 profit guidance after flat coffee sales

MILAN, Nov 7 (Reuters) - Italy’s Massimo Zanetti, owner of coffee brands Segafredo and Boncafe, trimmed its guidance for 2019 core earnings after reporting flat nine-month sales.

Italy’s second-biggest coffee maker said it currently expected adjusted earnings before interest, tax, amortization and depreciation (EBITDA) to rise around 1% this year, down from a previously expected 3% increase.

The group confirmed its forecast of a slight increase in 2019 revenues at constant exchange rates and excluding the impact of new accounting standard IFRS 16.

In the period between January and September, the coffee maker reported a revenue of 667 million euros, down 0.8% year-on-year, excluding currency swings. Sales were up 2% at current exchange rates.

In the first nine months, adjusted core earnings were negatively impacted by an increase in costs and came in at 51 million euros, almost flat compared with the same period last year. (Reporting by Francesca Landini)

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