Brenntag slumps to 23-month lows after Q3 miss
Updates shares, adds milestones, further analyst comment
** Shares in BrenntagBNRGn.DE fall about9% to their 23-month lows, as its quarterly core profit missed market expectations, due to higher volume driven costs and inflationary impacts
** Q3 operatingEBITA falls 4.9% to 281.1 million euros ($298.84 million), missing Vara Research consensusof 292 million euros
** "Overall, a material miss in 3Q even vs. consensus which was substantially cut into the print," J.P Morgan writes
** "We expect some share price pressure," Jefferies says
** Brenntag expects the challenging geopolitical, macroeconomic and operational conditions to continue for the rest of the year, and confirms its FY guidance for 2024
** Tuesday's slump extends the stock's YTD losses to about 32.6%
** Brenntag shares, which head for their worst day in about 2 years, are among worst performers onGermany's blue-chip index .GDAXI and pan-European STOXXX 600 .STOX index
($1 = 0.9406 euros)
Reporting by Tristan Veyet, Ozan Ergenay
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