MILAN (Reuters) – Shares in Campari were down over 14% in early trading after the Italian spirits group missed analysts’ third-quarter earnings expectations.
“Third quarter revenues missed expectations and there was no real update about the new CEO,” said Angelo Meda, head of equities at Banor SIM.
Campari’s results on Tuesday were well below analyst forecasts.
Net sales at maker of Aperol fell by 1.4% to 753 million euros ($816 million), while analysts expected a rise to 832 million, a Visible Alpha consensus showed.
Adjusted operating profit fell 18.2%.
CEO Matteo Fantacchiotti abruptly quit in September after only five months in charge, with the company citing personal reasons for his departure.
The company said on Tuesday it expected to conclude the search for a new CEO by the first half of next year.
($1 = 0.9224 euros)
(Reporting by Elisa Anzolin; editing by Jason Neely)
Comments