EBIT guidance 17% below cons. for Q4'22e
The previous FY'22 adj. EBIT guidance indicated positive y-o-y growth vs. FY'21 adj. EBIT of EUR 154m. Tonight's update now guides for EUR 150m adj. EBIT for FY'22, a 3% y-o-y decline. With one quarter left to report in the fiscal year, the guidance implies Q4'22e adj. EBIT of EUR ~29m, 17% below Factset consensus' EUR 35m. We believe the comment points to a volume-driven margin miss onlower-than-anticipated demand, and see no reason to suspect operational issues.
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