Published by Global Banking and Finance Review
Posted on April 23, 2025
By Alban Kacher and Anna Peverieri
(Reuters) -Dutch tank storage group Vopak reported first-quarter earnings slightly below analyst expectations on Wednesday, sending its stock down in early trade.
The company reported consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) of 236 million euros ($268.59 million) in the three-month period to March 31.
Analysts had forecast 241 million euros, according to company consensus figures cited by ING.
Results were "a bit light" at the EBITDA level and net profit due to higher costs and some pressure on utilisation rate in Mexico and China, ING analysts said in a note to investors.
Group net profit attributable to holders fell 8% year-on-year, resulting in lower EPS compared with a year ago, ING analysts said.
Its earnings per share of 0.84 euros came in below last year's figure and market expectations, added Oddo BHF analyst Thijs Berkelder.
The stock was down 6.9% around 0753 GMT, bringing year-to-date losses to 15.7%.
As Vopak currently runs at a high occupancy rate, this leads to a slower growth pace, said chief financial officer Michiel Gilsing, adding that the group looked into pricing and cost efficiency to protect its profit margins.
Vopak, which provides storage and handling services to key energy and manufacturing end markets, confirmed its outlook for this calendar year and firmed its forecast for proportional capex growth to around 600 million euros from its previous 500-600 million euro target range.
However, it warned that the ongoing macroeconomic volatility could impact results, even if it was limited for now.
"Across the markets we operate in, there is uncertainty on trade tariffs, while the situation continues to evolve and is dynamic, we currently foresee limited direct impact on Vopak in the short-term," group CEO Dick Richelle said in a statement.
($1 = 0.8787 euros)
(Reporting by Alban Kacher and Anna Peverieri in Gdansk; Editing by Janane Venkatraman and Savio D'Souza)
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