Zumtobel AG (ZAG), the Austrian maker of industrial lighting, fell the most in almost three months after HSBC Global Research cut its earnings estimate for the company in fiscal-year 2013 by 30 percent.
Zumtobel fell 40 cents, or 4.6 percent, to 8.25 euros a share at the 5:30 p.m. close in the Austrian capital. That was the lightmaker’s biggest daily drop since March 29. Zumtobel, with a market value of 359 million euros ($450 million) on the Vienna stock exchange, hasn’t closed that low since August 2009.
“We expect a rather sluggish top-line performance” when Zumtobel reports full-year results June 27, said HSBC analyst Christian Rath, who is neutral on Zumtobel shares, today in a research note. HSBC lowered Zumtobel’s 2013 earnings before interest and tax forecast to 41 million euros on “slowing growth momentum in lighting.”
To contact the reporter on this story: Jonathan Tirone in Vienna at firstname.lastname@example.org
To contact the editor responsible for this story: James Hertling at email@example.com