Rieter Drops Most in Five Months on Sales Outlook
Rieter Holding AG (RIEN) fell the most in almost five months after the Swiss maker of textile machinery forecast 2013 sales and earnings at last year’s level.
The stock declined as much as 9.4 percent, the most since Oct. 31, and was trading down 7.8 percent at 173 Swiss francs at 9:49 a.m. in Zurich. That values the company at 808 million francs ($853 million). More than 18,000 shares exchanged hands, about 160 percent of the average three-month daily volume.
The company, based in Winterthur, Switzerland, said today that 2013 sales and earnings are expected to match last year’s.
“Rieter’s full-year sales and earnings outlook strongly disappoint,” said Fabian Haecki, an analyst at Vontobel in Zurich, cutting is rating of the stock to hold from buy. “We are disappointed by the flat sales and earnings guidance for this year against the extremely low full-year 2012 level.”
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