Fraport Falls on Guidance Short of Expectations: Frankfurt MoverRichard Weiss
Fraport AG, the operator of Europe’s third-largest airport, declined the most in more than four months after the company said operating profit in 2013 will fall short of analysts’ expectations.
Fraport said today earning before interest and taxes, depreciation and amortization will rise to 870 million euros ($1.13 billion) to 890 million euros this year, below the average of 917 million euros from 24 estimates compiled by Bloomberg. Net income will fall, while the number of passengers at Frankfurt airport will remain stable, the company said.
“The given outlook is slightly disappointing” on both operating profit and Frankfurt passenger growth, Jochen Rothenbacher, an analyst at Equinet Bank, said in a note to clients, adding he might cut his forecast “slightly” after today’s analyst meeting.
The shares fell as much as 4.6 percent, the biggest intraday drop since Nov. 9, and traded down 3.6 percent at 43.41 euros at 11.30 a.m. in Frankfurt, valuing the airport operator at 4 billion euros.
Fraport said 2012 Ebitda rose 6 percent to 850.7 million euros, matching the average analyst estimate.
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