on Sto AG (isin : DE0007274136)
Sto SE & Co. KGaA Revises 2024 Financial Forecast Downwards
Sto SE & Co. KGaA, a leading player in the building materials sector, announced a downward revision of its financial guidance for 2024. The revision stems from deteriorating market conditions in critical segments and key regions. Declining market volumes have intensified competition, leading to pressure on gross profits.
The group's current sales forecast for 2024 is around €1.60 billion, down from the July estimate of €1.66 billion. Earnings before interest and taxes (EBIT) are now expected between €50 million and €68 million, a significant drop from the previous forecast. This is further compounded by challenges in Germany, the UK, Canada, Italy, and France, alongside an unexpected stagnation in China's construction sector.
The comprehensive cost-cutting measures, despite their breadth, have not offset market setbacks. The company will release its quarterly results on November 19, 2024.
R. P.
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