Freightways profit to increase 6 percent in 2013 and 2014, lagging expectations; shares drop

Freightways, the courier and data management company, said profit before one-time items rose 6 percent in 2013 and similar profit growth is expected in 2014, lagging analyst estimates of 10 percent growth in the coming year. The shares fell 2.9 percent to a one-month low.

"The expected performance is consistent with Freightways most recent outlook comments that it expects to be operating in a positive but slow growth environment for the foreseeable future," the Auckland-based company said in a statement. "Freightways expects analysts will review their 2014 forecasts to more closely reflect Freightways' current operating performance."

Shares in the company dropped 13 cents to $4.38, their lowest since June 6. The stock has gained 6.1 percent this year.

Profit increased 6 percent to about $38 million in the year ended June 30, excluding a $1 million one-time earnout payment in 2013 and a $1.05 million Christchurch earthquake insurance payout in 2012, the company said. The audited results will be announced Aug. 12.

BusinessDesk.co.nz

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