Shares in Comet Holding have fallen after the company adjusted its full-year guidance, citing weak demand for semiconductor equipment that led to disappointing third-quarter sales.
At 1009 GMT, shares were down 4.4% at CHF185.30.
Comet Holding, a Swiss technology company, reported that net sales in the third quarter plummeted by more than half to 77.7 million Swiss francs ($86.4 million).
Despite a projected recovery in the semiconductor business during the second half of 2023 that failed to materialize, Comet Holding anticipates some improvement in the fourth quarter. However, it expects a noticeable market recovery to occur no earlier than 2024.
In light of these developments, the company has revised its net sales target for the full year to be between CHF380 million and CHF400 million. It also adjusted its earnings before interest, taxes, depreciation, and amortization (EBITDA) margin to range from 7% to 9%. These figures compare to previous targets of CHF440 million to CHF480 million for net sales and 13% to 15% for EBITDA margin.
Despite the short-term challenges, Comet Holding maintains its confidence in long-term prospects, particularly due to the increasing demand for microchip production capacity.
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