Varta Reports Widened Net Loss in First Nine Months

Varta, the German battery manufacturer, has announced a widened net loss for the first nine months of the year, largely attributed to weaker sales and a reduction in income from grants. The company reported a net loss of 115.8 million euros ($123.9 million) during this period, compared to a loss of EUR20.1 million in the same timeframe last year.

Decrease in Revenue and Segment Performance

Varta's revenue declined by 2.9% to EUR554.10 million compared to the previous year. This decrease can be attributed to declines in its micro batteries and CoinPower segments, although there were slight increases in consumer and energy-storage systems.

Confirmation of Preliminary Figures

The preliminary figures released by Varta last week were confirmed, revealing adjusted earnings before interest, taxes, depreciation, and amortization of 29.4 million euros ($31.5 million) in the third quarter, compared to a loss of EUR2.5 million in the same quarter last year. Revenue for this period rose by 11% to EUR215.1 million, driven by high demand for batteries and energy storage solutions.

Maintaining Full-Year Guidance

Despite the challenging financial results, Varta has stated that its full-year guidance remains unchanged. The company has not provided further details on this matter.