Q2 profit likely to be 25% lower than Q1
• Second profit downgrade in 8 months
• Stock down 15%
Elkem (OL:ELK), one of the world's leading providers of silicones, issued a warning relating to its second-quarter earnings following US-imposed tariffs on imports from China and delays in production in its French factory.
“The result for the second quarter is estimated to be approximately 25% weaker than the first quarter,” Elkem said in a statement. This marks Elkem’s second forecast downgrade in the last eight months. The stock trades nearly 15% lower today in Oslo.