Sweden's Hexagon misses Q3 profit view, mulls business separation Oct 25, 2024 at 6:35 am GMT
Adds outlook in paragraph 4, CEO comment in paragraph 6, details on separation in paragraphs 7-8
Oct 25 (Reuters) -Swedish industrial technology group Hexagon HEXAb.ST posted a bigger-than-expected 4% drop in its third-quarter adjusted operating profit, hit by challenging market conditions, and said it mulled separating its Asset Lifecycle Intelligence business.
The maker of measurement and positioning systems said on Friday its adjusted earnings before interest and tax fell to 376.6 million euros ($407.41 million) in the July-September quarter, from 393.0 million euros a year earlier.
That missed the 388 million euros expected by analysts in a company-provided consensus.
Hexagon said it expects similar market conditions during the last three months of the year.
In a separate release, Hexagon said it was evaluating a potential separation of its Asset Lifecycle Intelligence (ALI)business, which provides software for constructing and operating industrial facilities, and listing options for the business in the U.S. and Sweden.
"This strategic shift will allow us to deliver more specialised solutions, improve capital efficiency, and unlock new growth opportunities. It positions Hexagon to accelerate innovation, empower employees, and create greater value for our customers and shareholders," CEO Paolo Guglielmini said.
Hexagon said the new company would be led by Mattias Stenberg, who is President of the ALI division.
It said it would provide additional information regarding the separation, spin-off as well as other details regarding the matter "at an appropriate time".
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