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Aperam slips after Q3 earnings miss, worse-than-expected guidance

By Reuters News

** Shares in Aperam APAM.AS fall around 2% to March lows after the stainless steel producer's Q3 adjusted core earnings missed expectations and it guided for lower-than-consensus Q4 profits

** Aperam's forecast for "slightly higher" Q4 core earnings compared to Q3 implies an EBITDA of around €110 million in the current quarter, JPMorgan says

** That is around 25% lower than the brokerage's estimates and Bloomberg's consensus, cited by JPM

** "With Q3 slightly below consensus and the energy-cost drag persisting, we expect ~10% downward revisions to FY'26 consensus EBITDA after this release," it says

** Aperam's adjusted core earnings were €105 million ($118 million) in the quarter, while analysts polled by LSEG had forecast €111.4 million on average

** Finnish peer Outokumpu OUT1V.HE falls 13% after it said demand weakness in Europe is expected to continue


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