'Chaotic' Q1, tariff worries send Beneteau shares sharply down

Shares in the French boat builder Beneteau CHBE.PA drop about 15% after what brokerage Portzamparc deems a "chaotic" Q1, and on concerns about customs duties

Portzamparc says Q1 sales of 130 million euros ($146 million) are "well below expectations", impacted by a destocking effect and a slowdown due to the macroeconomic context

"We were expecting a major contraction in business, but not to this extent," says Portzamparc, highlighting the need for a significant recovery to reach the lower end of the guidance range

Beneteau confirms its annual guidance of revenues between 0.9-1 bln euros

Beneteau expects customs duties to reduce its operating income by nearly 10 million euro in 2025, due to its decision to cover part of the tariffs on imports to support its American distribution network

The shares are on track for its worst day since late October 2019

($1 = 0.8933 euros)