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Investing.com -- International shipbroker, Braemar, announced on Monday that it anticipates a drop in its revenue and underlying operating profit for the year ended Feb. 28. The news has led to a significant drop in the company’s shares.
Braemar expects its revenue to be around £141 million ($182.1 million), a decrease from the £152.8 million it reported in the previous fiscal year. The firm also forecasts its underlying operating profit, excluding any acquisition-related expenditures, to be £16.5 million, a drop from the £18.1 million it earned in the prior year.
These anticipated figures fall below analysts’ forecasts. According to the company-provided consensus estimates, analysts had predicted a revenue of £152 million and an underlying operating profit of £17.5 million.
Following the announcement, Braemar’s shares experienced a significant drop. In early morning European trading, shares were down 11%, at 231.0 pence, after falling to a low of 221.01 pence when the market first opened. Over the course of the year to date, shares have now decreased by 1.3%.
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