AT&S

 FRANKFURT, Feb 8 (Reuters) - Europe's leading circuit board
maker AT&S  is expected to slide into the red when it
reports third-quarter results on Tuesday, after posting a profit
in the same period last year.

    Eight analysts polled by Reuters forecast an average
third-quarter loss before interest and tax (EBIT) for the
Austrian company of 10.11 million euros ($8.83 million),
compared to a profit of 28.52 million last year.
   Their estimates ranged from a loss of 8.6 million euros to a
loss of 12 million euros, with a median of a loss of 9.98
million.

   The analysts forecast the firm would post a net loss of 8.4
million euros.
   Sales were expected to come in at 70.84 million euros,
according to the average forecast.
   AT&S, whose stock is listed on Germany's Neuer Markt, said
last month it expected sales in its the full-year to drop 15
percent from year-ago levels after a slowdown in orders.
   
   Following are analysts' forecasts for AT&S.
   (Figures in millions of euros, US GAAP. All figures exclude
one-off negative effects of 16 million euros)

                                 
    THIRD QUARTER         Revenues   EBIT   Net income    EPS
   
   Average                  70.84    -10.11   -8.40    -0.28
   Median                   70.35     -9.98   -8.10    -0.28
   Highest estimate         73.00     -8.60   -6.70    -0.24
   Lowest estimate          70.00    -12.00  -12.00    -0.33
   Standard deviation        1.12      1.16    1.77     0.3
   Number of estimates       8        8         7         6
   
   Q3 00/01                 88.79    28.52     20.60      0.74

                                   
   NINE MONTH             Revenues   EBIT   Net income    EPS
                               
   Average                 205,68   -2,49    -3,70     -0.11
   Median                  205,15   -2,37    -2,90     -0.11
   Highest estimate        208,00   -0,90    -2,90     -0.08
   Lowest estimate         204,60   -4,50    -7,30     -0.16
   Standard deviation        1.19    1.21     1.77      0.03
   Number of estimates       8       8         7          6
   
   9M 00/01                224.09   36.13     25.21       0.90
   
    Banks                                         Rating

   Bank Austria/Creditanstalt                     Hold
   Berenberg Bank                                 Reduce
   Credit Agricole                                Underperform
   Deutsche Bank                                  Marketperform
   Julius Baer                                    Buy
   Merrill Lynch                                  Reduce-Sell
   Robertson Stephens                             Buy
   West LB                              
 

Wien (Bluebull) – Merril Lynch hat heute seine Empfehlung die AT&S-Aktien zu reduzieren bestätigt. Der Umsatz lag zwar im dritten Quartal mit 69,1 Millionen Euro knapp bei den erwarteten 70 Millionen Euro und das Betriebsergebnis sei mit 5,1 Millionen Euro besser ausgefallen als erwartet, der Gewinn je Aktie fiel hingegen mit -0,14 unter den Erwartungswert von –0,12. Aber die EBIT-Marge überraschte die Analysten positiv, denn statt 7,4 Prozent habe man eigentlich 5,6 Prozent erwartet.