NCC Falls as Third-Quarter Profit Misses Estimates
Stock Chart for NCC AB (NCCA)
NCC dropped 17.5 kronor, or 9.8 percent, to 161 kronor ($25.66). The Stockholm-based company has fallen 14 percent this year.
Pretax profit slid 9.7 percent to 814 million kronor, NCC said today in a statement. The figure trailed the 899 million- kronor median estimate of five analysts surveyed by Bloomberg. NCC had higher costs than it expected for developing the NCC Complete division, which uses prefabricated units to shorten construction time.
``Actions have been taken to reduce the impact on earnings,'' NCC said in the statement, without elaborating.
Net income rose 11 percent to 744 million kronor, or 6.86 kronor a share, from 670 million kronor, or 6.18 kronor, a year earlier, because of tax cuts in Denmark and Germany, NCC said. Revenue fell 2.1 percent to 14.2 billion kronor.
Skanska AB (SKAB), the largest building company in Sweden, fell as much as 2.6 percent today.
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