Insider information, profit warning: Ponsse cuts its guidance for 2023
Ponsse Plc, Insider information, October 18, 2023 at 3:20 p.m. (EEST)
Ponsse cuts its guidance for 2023. The company’s euro-denominated operating profit in 2023 is expected to be on a par with the operating profit of its continuing operations in 2022 (EUR 46.6 million).
New guidance for 2023
The company’s euro-denominated operating profit in 2023 is expected to be on a par with the operating profit of its continuing operations in 2022 (EUR 46.6 million).
Reasons for the new guidance
Persistent inflation has continued to impact the profitability of the business. As we enter a weakening economic cycle, the company's profitability is impacted by the exit from the Russian business and challenges in the organizational cost structure. The company's revenue growth has come from less profitable market areas.
Profitability has been affected by operational expenses growing faster than the company's revenue and slower-than-expected improvement of the operational challenges of Ponsse's subsidiary, Ponsse Latin America Ltda.
Previous guidance for 2023
In its previously released financial statements and interim reports earlier this year, Ponsse has assessed the profit guidance as follows: "The company’s euro-denominated operating profit in 2023 is expected to be slightly higher than the operating profit of its continuing operations in 2022 (EUR 46.6 million).”
Publishing of the Ponsse’s Q3 Interim Report
Ponsse will publish its Q3 interim report on October 24, 2023.
Vieremä, 18 October 2023
PONSSE PLC
Juho Nummela
President and CEO
FURTHER INFORMATION
Juho Nummela, President and CEO, tel. +358 400 495 690
DISTRIBUTION
Nasdaq Helsinki Ltd
Principal media
www.ponsse.com
Ponsse Plc specialises in the sale, production, maintenance and technology of cut-to-length method forest machines, and is driven by a genuine interest in its customers and their business operations. Ponsse develops and manufactures sustainable and innovative harvesting solutions based on customer needs.
The company was established by forest machine entrepreneur Einari Vidgrén in 1970 and has been a leader in timber harvesting solutions based on the cut-to-length method ever since. Ponsse is headquartered in Vieremä, Finland. The company’s shares are quoted on the Nasdaq Nordic List.