FRANKFURT (dpa-AFX) - Auto1 shares experienced sharp fluctuations on Wednesday following strong quarterly results and a further upward revision of its annual targets. After a positive opening, the stock slipped into negative territory, but most recently traded 1.1 percent higher at 29.50 euros.
On Tuesday, the online used car dealer had suffered from heavy profit-taking, after the shares had hovered just below their one-month-old four-year high of 31.50 euros at the start of the week. Since the beginning of the year, the stock has still posted a gain of nearly 86 percent, securing a spot among the top ten performers in the MDax, the index of mid-sized German listed companies.
In the third quarter, Auto1 increased sales by almost a quarter to a record level and once again raised its corresponding annual target. Revenue and adjusted operating profit (Ebitda)--for which the company also revised its guidance upwards--rose even more sharply in the past quarter. All key performance indicators exceeded analysts' expectations.
Marcus Diebel of US bank JPMorgan described it as another strong quarter. The upward revision of the outlook, he noted, had already been anticipated. According to Wassachon Udomsilpa of Canadian bank RBC, consensus estimates for sales now sit at the lower end of the company's raised target range, while Ebitda is already at the upper end.
