Yahoo Finance Varta falls after postponing publication of Q3 results
By Geoffrey Smith
Investing.com -- Shares in Varta (ETR:VAR1) fell 3.7% by late morning in Frankfurt on Tuesday after the German battery maker postponed the publication of its third quarter results, stoking fears of another unpleasant surprise for investors.
The delay is expected to be only modest, with an investor call still scheduled for 09:00 ET (14:00 GMT), according to German media reports.
Varta, whose pivot to micro batteries for appliances such as AirPods had made it a retail investors' darling during the pandemic, has had a wretched 2022 as demand for gadgets has slowed and supply chain and commodity price problems have snarled its business.
Chief executive Herbert Schein stepped down with immediate effect in September after supply chain issues and rising input costs led to two big orders being delayed, forcing the company to withdraw its guidance for the full year. Last month, as the scale of its problems, became clear, it warned that it expects a 14% drop in sales and a loss before interest, taxes, depreciation, and amortization in the third quarter. A year ago, it posted EBITDA of over €70 million.
Varta stock is now down over 80% from its 2021 peak.
Related Articles
Varta falls after postponing publication of Q3 results
Buffett's Berkshire discloses $4.1 billion TSMC stake
Walmart expects smaller drop in annual profit, announces $20 billion share buyback
