Hexagon slides after Q2 profit miss
Corrects broker name in 4th bullet to DNB Markets, not Pareto.
** Hexagon HEXAb.ST shares are down 3.8% after the Swedish industrial technology firm reported Q2 adjusted EBIT of EUR 399.5 million ($433.5 million), 3.5% below company provided consensus
** The co said in Q2 it continued to see a slowdown in key end-markets, with slow demand in automotive and machining activities in EMEA and China affecting its Manufacturing Intelligence (MI) business, and the global weakness of the construction sector impacting the Geosystems division
** The co also forecasts that trading environment, particularly in the construction and automotive markets, would remain difficult in Q3
** "Soft" Q3 outlook commentary raises questions on H2 recovery, DNB Markets analyst says
** But Inderes analyst notes gross margin reached all-time high, which "signals good potential for earnings growth once the cyclical industries recover"
** Share on track for its worst day since Oct 27, 2023, if losses hold
($1 = 10.8114 Swedish crowns)
($1 = 0.9217 euros)
Reporting by Anna Chaberska
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