UNTERFÖHRING (dpa-AFX) - The television group ProSiebenSat.1 is hoping to at least meet its profit target for the current year with a final spurt. The management is hoping for a "slightly improved revenue and earnings performance" in the traditionally most important fourth quarter, as the MDax company announced on Tuesday in Unterfohring near Munich. The pre-Christmas business is of great importance in the industry - and yet the annual sales target is unlikely to be achieved. Nevertheless, the optimistic statements on profits caused a positive reaction on the stock market.

ProSiebenSat.1 shares rose by up to almost 14 percent in early trading and were thus able to at least slightly reduce their loss for the year to date. RTL shares also rose slightly in their wake, at least slightly reducing their loss for the year to date. Despite the recovery after the quarterly figures and the statements on the expected development until the end of the year, ProSiebenSat.1's market capitalization of just under EUR 1.3 billion is still a third below the value at the end of last year. In 2015, ProSiebenSat.1's market capitalization was still just under EUR 12 billion.

However, the Executive Board warned of the continuing slump in consumption and the lack of recovery in the markets, which is why revenues in 2023 are likely to be lower than expected. Earnings for the current year are now expected to be "slightly below" the targeted range. Previously, the Group had assumed between 3.95 and 4.25 billion euros. In addition, earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for non-recurring effects should only reach the lower half of the targeted range of EUR 550 to 650 million. ProSiebenSat.1 will benefit from cost savings and major job cuts.

The optimistic statements from Unterfohring contrast with the more conservative outlook of rival RTL. "With a view to the fourth quarter, the European advertising markets are proving weaker than expected, meaning that we have had to adjust our outlook despite countermeasures," said RTL Group CEO Thomas Rabe last week.

RTL is therefore now only expecting revenues of 6.9 billion euros, after the revenue target had already been cut to 7.0 billion euros in the summer. Last year, the RTL Group had still achieved sales of a good 7.2 billion euros. Adjusted for special effects, earnings before interest, taxes, depreciation and amortization (EBITA) for 2023 are expected to fall to 900 million euros after 1.08 billion euros in the previous year - here, too, the Group management had already revised the forecast.

In contrast, out-of-home advertising specialist Stroer, which has been growing at a double-digit percentage rate for months, was more optimistic. "The double-digit organic growth in year-end bookings, which exceeded our previous expectations, suggests a positive development at the beginning of the new year," said Stroer Co-CEO Christian Schmalzl. The order book for outdoor advertising in the fourth quarter is already well filled, he said.

In the third quarter, ProSiebenSat.1's revenues fell by around 2.5 percent to EUR 888 million. Of this, EUR 110 million remained as adjusted operating income (EBITDA) - slightly more than in the same period last year. While the Group's revenues developed roughly as expected, industry experts had hoped for more in terms of profits./ngu/tav/zb/stk