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German food-processing machinery maker GEA cuts 2017 profit guidance
July 15, 2017 / 11:59 AM / 4 months ago

German food-processing machinery maker GEA cuts 2017 profit guidance

FRANKFURT (Reuters) - German food-processing machinery maker GEA (G1AG.DE) cut its 2017 profit guidance following a weak second quarter with depressed sales volumes and margins, as well as costs related to a bottling product line it has already stopped making.

GEA said on Saturday it now targets 2017 earnings before interest, tax, depreciation and amortisation of 600-640 million euros, compared to an earlier guidance of 620-670 million.

The company confirmed its 2017 revenue target of moderate growth.

In the second quarter, GEA’s operating EBITDA decreased to 122 million, from 145 million euros in the year-earlier period, while order intake was flat at 1.2 billion euros.

Full second quarter results are due on July 26.

Reporting by Arno Schuetze; Editing by Andrew Heavens

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