Insider information, profit warning: Exel Composites lowers its guidance for the full year 2023
EXEL COMPOSITES PLC INSIDE INFORMATION 2 MAY 2023 at 08:45 EET
Exel Composites lowers its guidance for the full year 2023. Exel Composites expects that revenue will decrease and adjusted operating profit will decrease significantly in 2023 compared to 2022. Previously Exel Composites expected that revenue in 2023 will be at last year’s level and adjusted operating profit will increase compared to 2022.
The change in guidance is due to lower-than-expected revenue and adjusted operating profit in the first quarter of 2023 and weaker-than-expected short-term demand outlook. In addition, Exel has started a major development program to capture attractive opportunities in Wind power market. Exel’s adjusted operating profit is expected to include more than EUR 1 million additional costs related to this program in 2023.
Exel Composites reiterates the view that demand for Exel’s products and solutions is expected to improve in the second half of 2023 and later driven by opportunities for equipment in the wind power market. Short-term visibility is currently limited, and uncertainty in short-term demand is expected to continue. Customer de-stocking and question marks associated with global economic development contribute to this picture. The same is reflected in Exel’s order backlog, which continues to be lower than a year ago.
Exel Composites will publish its Q1 2023 Business Review today 2 May 2023 at 09:00 EET.
For further information, please contact:
Mikko Rummukainen, CFO
tel. +358 40 566 2623
mikko.rummukainen@exelcomposites.com
Exel Composites in brief
At Exel Composites, we use over 60 years’ experience to solve challenges and help customers save resources. Our forward-thinking composite solutions made with continuous manufacturing technologies serve customers in a wide range of industries around the world. You can find our products used in applications from wind power and transportation to building and infrastructure.
Our collaborative approach and global footprint set us apart from our competition. We use our expertise to help customers reduce weight, improve performance and energy efficiency and decrease total lifetime costs. We want to be the first choice for sustainable composite solutions globally.
Headquartered in Finland, Exel Composites employs approximately 700 forward-thinking professionals around the world and is listed on Nasdaq Helsinki. To find out more about our offering and company please visit www.exelcomposites.com.
Exel Composites Plc