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Zumtobel Plummets After HSBC Cuts Lighting Outlook: Vienna Mover

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June 22 (Bloomberg) -- Zumtobel AG, 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 light maker’s biggest daily drop since March 29. Zumtobel, worth 359 million euros on the Vienna stock exchange, hasn’t closed at a level 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 jtirone@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net

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