Agfa: third-quarter sales, profit fall more than expected
(CercleFinance.com) - Belgian imaging technology group Agfa-Gevaert reported a 16% fall in third-quarter sales on Friday, worse than the consensus expected.
The company - which specialises in medical imaging systems and high-end printerss - said in a statement that quarterly revenue dropped to 410 million euros, from 488 million euros in the third quarter of 2019.
In comparison, the average forecast in a poll of analysts provided by the company was 425 million euros.
The former photographic company said adjusted earnings before interest and tax (EBIT) fell to breakeven in the quarter, against analysts' expectations of a 6 million euro profit.
However, the company's CEO, Pascal Juery, said that most of the businesses started to improve gradually, and that the fourth quarter will show "further improvement."
Agfa shares were up 1% on the news in a slightly higher Belgian blue chip market (+0.4%). They have however fallen by over 27% this year.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The company - which specialises in medical imaging systems and high-end printerss - said in a statement that quarterly revenue dropped to 410 million euros, from 488 million euros in the third quarter of 2019.
In comparison, the average forecast in a poll of analysts provided by the company was 425 million euros.
The former photographic company said adjusted earnings before interest and tax (EBIT) fell to breakeven in the quarter, against analysts' expectations of a 6 million euro profit.
However, the company's CEO, Pascal Juery, said that most of the businesses started to improve gradually, and that the fourth quarter will show "further improvement."
Agfa shares were up 1% on the news in a slightly higher Belgian blue chip market (+0.4%). They have however fallen by over 27% this year.
Copyright (c) 2020 CercleFinance.com. All rights reserved.