LENZING AG EQS-News: Lenzing AG: Lenzing with new outlook for 2023
Transparency directive : regulatory news
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EQS-News: Lenzing AG
/ Key word(s): Profit Warning
Lenzing Group lowers its forecast for earnings development in the 2023 financial year. Lenzing – The continued weak development of the markets relevant to Lenzing, coupled with very cautious market expectations in 2023, requires a reassessment of Lenzing AG’s macroeconomic environment. Taking into account the current lack of market recovery, the previous earnings forecast is not expected to be achieved. The Lenzing Group is therefore adjusting its forecast for earnings development and is assuming EBITDA in a range of EUR 270 mn to EUR 330 mn for the 2023 financial year. CEO Stephan Sielaff: “The recovery expected for the second half of the year in the markets relevant to us has not yet occurred. This makes the early measures we took all the more correct. We launched an ambitious cost reduction program back in November 2022, which delivered the expected results ahead of schedule. Building on this, we are implementing a holistic and consistent value creation program with a focus on measures to strengthen profitability and cash flow generation and to exploit the growth potential in the fiber markets through targeted sales activities.” CFO Nico Reiner: “With this value creation program, we will powerfully overcome the current economic challenges and make Lenzing more resilient in difficult market situations in the future.” The Lenzing Group will announce further details about the value creation program when it publishes its quarterly results on November 3, 2023.
14.09.2023 CET/CEST This Corporate News was distributed by EQS Group AG. www.eqs.com |
| Language: | English |
| Company: | Lenzing AG |
| 4860 Lenzing | |
| Austria | |
| Phone: | +43 7672-701-0 |
| Fax: | +43 7672-96301 |
| E-mail: | office@lenzing.com |
| Internet: | www.lenzing.com |
| ISIN: | AT0000644505 |
| Indices: | ATX |
| Listed: | Vienna Stock Exchange (Official Market) |
| EQS News ID: | 1726769 |
| End of News | EQS News Service |
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1726769 14.09.2023 CET/CEST