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Zehnder Shares Fall as 2013 Guidance ‘Cautious:’ Zurich Mover

March 22, 2013

Zehnder Group AG (ZEH) dropped the most in more than four months after the Swiss maker of radiators and ventilation systems reported “cautious” guidance.

The stock fell 4.7 percent, the biggest intraday decline since Nov. 15, to 42 francs at 9:40 a.m. in Zurich. More than 75,000 shares exchanged hands, four times the average three- month daily volume. That gives the company a market value of 493 million francs ($521 million).

Zehnder expects stable sales in the European radiator segment this year, while its ventilation business is forecast to expand at “mid-single-digit rates,” with similar growth in North America and China, the Graenichen, Switzerland-based company said today after reporting a 35 percent decline in full- year net profit.

The “cautious 2013 outlook will trigger earnings estimates downward revisions,” Christian Arnold, an analyst at Vontobel in Zurich with a hold rating on the stock, wrote in a note to customers today.

To contact the reporter on this story: Zoe Schneeweiss in Zurich at

To contact the editor responsible for this story: Craig Stirling at

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