Umicore: stock hit as targets reduced
(CercleFinance.com) - Umicore shares are down almost 4% in Brussels on Monday, after the group announced a reduction in its outlook for FY 2021, due to the shortage of semiconductors affecting the automotive sector.
The Belgian materials and recycling specialist said it now expects its adjusted EBIT to approach one billion euros this year, compared with a previous forecast of adjusted EBIT that is "slightly above" one billion euros.
In a statement, Umicore referred to a "more challenging market environment", in particular due to increasingly volatile production schedules at automotive suppliers, with production forecasts often reduced.
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The Belgian materials and recycling specialist said it now expects its adjusted EBIT to approach one billion euros this year, compared with a previous forecast of adjusted EBIT that is "slightly above" one billion euros.
In a statement, Umicore referred to a "more challenging market environment", in particular due to increasingly volatile production schedules at automotive suppliers, with production forecasts often reduced.
Copyright (c) 2021 CercleFinance.com. All rights reserved.