* Shares loser 7.5 pct
* CFO says seeking ‘new opportunities’ (Adds share price, analyst comment, details)
PARIS, Oct 31 (Reuters) - French electrical materials supplier Rexel said its Chief Financial Officer Michel Favre would step down in the coming months as it posted disapointing third-quarter results, sending its sh ares sha rply lower.
The company which posted third-quarter like-for-like sales down 3.6 percent to 3.4 billion euros ($4.41 billion, said Favre would remain CFO until a successor was found.
“With the leadership transition now fully completed, this is an appropriate time for me to consider new opportunities and fresh horizons,” Favre said in a statement.
Shares in Rexel slid 7 .5 percent to close at 13.97 euros , the biggest loser on France’s broad SBF120 index, giving the company a market value of 3.8 billion euros.
“The publication is a little disappointing compared to expectations. As for the departure of an executive, it is rarely good news,” a Paris-based trader said.
The company’s adjusted EBITA (Earnings Before Interest Taxes and Amortization) declined 8.2 percent over the quarter to 191.7 million euros, giving it a margin of 5.6 percent of sales, lower than what several analysts expected.
Societe Generale analysts said in a research note that a steeper than expected economic slowdown in the coming weeks could cause the company to cut its outlook.
It confirmed its target for a full-year adjusted EBITA margin of 5.7 percent and said it targeted mid-to-high single digit growth in reported sales. ($1 = 0.7705 euros) (Reporting by James Regan; Editing by Blaise Robinson and Christian Plumb)