Rockwool Falls as Danske Bank Sees Profit Miss: Copenhagen Mover
Rockwool International A/S (ROCKA) fell in Copenhagen trading, heading for its biggest drop in five months, after Danske Bank A/S said the world’s largest maker of stonewool insulation will miss profit estimates this week.
Rockwool fell as much as 2.5 percent. The stock declined 2.3 percent to 695.50 kroner at 9:57 a.m. in the Danish capital, heading for its biggest one-day drop since Sept. 26. Trading volume was at 25 percent of the three-month daily average.
Rockwool, which publishes full-year earnings March 1, will report a 20 percent advance in 2012 net income, according to the average estimate of nine analysts surveyed by Bloomberg. Danske today repeated a recommendation that investors sell the stock, saying the company may miss profit consensus estimates as the construction industry suffers from a European recession.
“We continue to fear the negative impact of weak markets in Europe,” Copenhagen-based Danske said in a note.
Rockwool will publish full-year net income of 765 million kroner ($134 million), according to the Bloomberg survey. That compares with 640 million kroner in 2011. The Hedehusene, Denmark-based company said Nov. 20 that full-year net income will be “at least” 700 million kroner.
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