DGAP-Ad-hoc: paragon GmbH & Co. KGaA / Key word(s): Change in Forecast/Profit Warning
paragon adjusts revenue and earnings forecast for the 2019 fiscal year
Delbrück, Germany, August 12, 2019 - paragon GmbH & Co. KGaA [ISIN DE0005558696] is adjusting its revenue and earnings forecast for the 2019 fiscal year. This is mainly due to the market weakness in the automotive industry and the corrected annual forecast for the publicly traded subsidiary Voltabox. In the automotive business, the changed product mix has had an unfavorable impact on profitability. At Voltabox, revenue delays are occurring in the U.S. business, while a temporary production stoppage is underway in subareas because an important supplier is currently converting its own production to the latest technological cell generation.
Accordingly, paragon GmbH & Co. KGaA is expected to achieve revenue of EUR 200 million to EUR 210 million in the current fiscal year. A negative EBIT margin of about -1 to -2 % is being forecast. Originally, the Group had planned on revenue of EUR 230 million to EUR 240 million along with a positive EBIT margin of around 8 %.
According to preliminary figures, in the first half of the year the paragon Group achieved revenue of EUR 96 million, which represents an increase of 22 %, and an EBIT of EUR -5.4 million; positive EBIT of EUR 4.8 million was generated in the prior year's period. The company will publish its mid-year figures on August 22, 2019.
In addition to the company headquarters in Delbrück (North Rhine-Westphalia, Germany), paragon GmbH & Co. KGaA and its subsidiaries operate sites in Suhl (Thuringia, Germany), Landsberg am Lech, Neu-Ulm and Nuremberg (Bavaria, Germany), Korntal-Münchingen and St. Georgen (Baden-Württemberg, Germany), Bexbach and Saarbrücken (Saarland, Germany) and Aachen (North Rhine-Westphalia, Germany) as well as in Kunshan (China) and Austin (Texas, USA).
Additional information about paragon can be found at www.paragon.ag/en.
12-Aug-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||paragon GmbH & Co. KGaA|
|Phone:||+49 (0)5250 97 62 - 0|
|Fax:||+49 (0)5250 97 62 - 60|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||856137|
|End of Announcement||DGAP News Service|
856137 12-Aug-2019 CET/CEST