November 26, 2018 / 3:27 PM / a year ago

UPDATE 1-Shares in copper smelter Aurubis fall on profit warning

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Nov 26 (Reuters) - Aurubis AG, Europe’s biggest copper smelter, warned on Monday it would miss analysts’ profit forecasts for its 2018-19 financial year due to shutdowns at its main smelters, sending its shares down as much as 9 percent.

The company said it expected operating earnings before taxes (EBT) for the year that started on Oct. 1, 2018, to be “moderately below” the previous year.

“This means a decrease of between 5.1 and 15 percent,” it said.

On Nov. 1, Aurubis announced a preliminary operating EBT of 328 million euros ($372.4 million) for 2017-18.

The company said analysts had been expecting 2018-19 operating EBT of around 330 million euros.

“The main reasons for this deviation are various unscheduled shutdowns at the Hamburg, Luenen, and Pirdop plants in the first quarter of fiscal year 2018/19, which is currently underway,” it said.

Aurubis shares were down 8.9 percent at 1500 GMT.

The company said fourth-quarter 2017-18 operating profit fell by 28 percent, blaming unscheduled maintenance shutdowns at its sites in Hamburg and Luenen.

Aurubis, in which German steelmaker Salzgitter owns a fifth, is scheduled to release full 2017-18 results on Dec. 11.

$1 = 0.8807 euros Reporting by Michael Hogan; Editing by Mark Potter

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