Beneteau stock drops on 2009 outlook

Posted on

Beneteau stocks slid as markets reacted to the French boatbuilder’s forecast for the coming year.

The Beneteau Group, which builds luxury power- and sailboats and has a U.S. subsidiary in Marion, S.C., says the banking and financial crisis has resulted in a “wait-and-see attitude” among some clients. The company said the rate of orders for the coming season “will be very different from previous years.”

Beneteau reported 860.7 million euros in sales for fiscal 2007-’08 (Sept. 1 to Aug. 31), up 7.8 percent over the previous year. Sailboats sales climbed 6.2 percent to 569.4 million euros, while powerboat sales increased 10.9 percent to 291.3 euros.

Beneteau released its earnings report and 2008-’09 forecast last Tuesday; stocks were trading at around 10 euros a share. By Friday, shares on Euronext fell to a 52-week low of 7.88 euros before closing at 8.75. Beneteau shares opened this morning at 8.37 euros.

Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!

Click here to Register ... it's free!

Basic subscription: Registered members get free access to 10 premium content stories each month!

Not a member yet? Click here to Register!

Already a member? Click here to Login!

Subscribe ... for unlimited access!

Individual subscription: $29 for unlimited site access for one year.

Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.

Corporate subscription: $300 for unlimited site access for all members of a company for one year.

You may close this dialog after seconds.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.

Vote Today

What is the best outcome for the marine industry in the November mid-term elections?

View Results

Loading ... Loading ...

Search Boats for Sale

Length
Year
Price

Login to Trade Only Today

Lost Password