(Reuters) – Shares in Italian electrode maker Industrie De Nora fell more than 8% after the company on Monday posted lower core profits and said it expected a slowdown in its full-year revenue growth.
“The outlook for 2023 confirms the profitability and financial structure targets, notwithstanding a slow-down of
the expected revenue growth, which remains at the low end of the range considered for 2023,” it said in a statement.
The Milan-listed shares of De Nora fell as much as 8.6% during the session, and were down 3.9% at 19.35 euros ($21.37)as of 1351 GMT.
Presenting its H1 results, De Nora announced a drop in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), which fell to 86.1 million euros from 102.3 million euros in the first six months of 2022.
“Compared to the previous year, the change mainly reflects
an exceptionally positive first half of 2022 and a different mix of revenues in the Electrode Technologies and Water Technologies businesses,” the company said.
($1 = 0.9056 euros)
(Reporting by Luca Fratangelo, Romolo Tosiani, Editing by Alvise Armellini and Sharon Singleton)
