Vitesco Technologies Shares Rise After 1Q Beats Consensus

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By Kim Richters

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Shares in Vitesco Technologies Group AG rose on Tuesday after the German powertrain maker said first-quarter sales and adjusted earnings came in above consensus estimates.

At 0937 GMT, Vitesco was trading 3.7% higher at EUR37.54.

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Sales in the three months were around 2.26 billion euros ($2.42 billion), above market consensus of EUR2.14 billion, the company said. Adjusted earnings before interest and taxes of around EUR45 million were above estimates of EUR32 million, with a corresponding margin of 2.0% versus 1.5% consensus expectations, it said.

Positive from the company’s preliminiary release was that it didn’t change its outlook for the full year, Citi said in a research note.

“Strong 1Q beat and high likely-hood of FY22 guidance remaining in-tact on full 1Q results further de-risks the story, particularly for the investors who are still reluctant to own auto-suppliers,” Citi said.

Vitesco plans to release its full quarterly update on May 13.

Write to Kim Richters at [email protected]

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Credit: www.marketwatch.com /

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