BUZZ-Australian fuel retailer Viva Energy plunges on profit miss, bleak outlook

Reuters
02-25
BUZZ-Australian fuel retailer Viva Energy plunges on profit miss, bleak outlook

** Shares of Australian fuel retailer Viva Energy Group VEA.AX fall 22.1% to A$1.870, their lowest level since April 26, 2021

** VEA fell as much as 24.27% to A$1.818 earlier in the day, marking its worst intraday pct drop ever

** VEA is the second biggest loser in the ASX200 benchmark index .AXJO

** More than 11.9 million shares change hands vs the 30-day average of 4.1 million shares

** VEA FY24 underlying profit down 20% at A$254.2 million ($161.24 million), and below the Visible Alpha consensus of A$260.6 million

** Convenience and Commercial segment's combined EBITDA outlook of A$270 million to A$330 million, below VA consensus of A$380 million

** "Another disappointment, with material consensus estimate downgrades implied by commentary," says Jefferies

** VEA down 29.5% this year, including the session's move

($1 = 1.5765 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru)

((Sameer.Manekar@thomsonreuters.com))

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