Suez Has Record Decline After Warning Profit Will Miss Estimates
- Utility’s shares tumble as much as 19% in Paris trading
- Management’s credibility will deteriorate, Jefferies says
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Suez SA fell the most on record in Paris trading after releasing preliminary results for 2017 that missed analyst estimates.
Suez sank as much as 19 percent on Wednesday, the biggest slump since starting to trade in July 2008. The company blamed the poor results on political turmoil in the Spanish region of Catalonia and operational difficulties that forced it to end contracts in Morocco and India.