Sharechat Logo

Shares in Fisher and Paykel Healthcare third-best performer on NZX 50 after raising earnings forecast

Wednesday 28th August 2013

Text too small?

Shares in Fisher & Paykel Healthcare are the third-best performer on New Zealand's benchmark NZX 50 Index today after the maker of breathing masks and respirators raised its 2014 earnings forecast as new products boost sales and widen margins.

Shares in Fisher & Paykel rose 1.1 percent to $3.56 after chairman Mike Daniell told shareholders at the company's annual meeting in Auckland yesterday that 2014 profit is likely to be $90 million to $95 million, up from its May forecast of $85 million to $90 million and ahead of its 2013 profit of $77 million.

The latest forecast is Fisher & Paykel's fifth upgrade in a row for sales in constant currency terms, according to a report by brokerage Craigs Investment Partners, which rates the stock a 'buy' and raised its 12-month price target to $4.45 from $4.20.

"We believe the near and long term implications of the step change in growth for new respiratory and acute care products remains under appreciated by the market," Craigs analysts Stephen Ridgewell, Chris Byrne and Bryant Cheong said in a note. The brokerage has raised its 2014 profit forecast by 2.2 percent to $97.1 million, noting it is 5 percent above the mid-point of Fisher & Paykel's guidance range.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar rally may limit profit gains for Fisher and Paykel Healthcare, brokerage says
FISHER & PAYKEL HEALTHCARE ANNOUNCES NEW NASAL PILLOWS MASK AT INVESTOR DAY
Fisher and Paykel Healthcare raises 2014 earnings forecast on higher sales, margins
F and P Healthcare shares jump to highest in more than 2 years on profit outlook
F and P Healthcare beats 2013 guidance, forecasts boost in 2014 profit; shares gain to 2 1/2 year high
F and P Healthcare shares rise to two-year high as First NZ raises rating on better outlook
Fisher & Paykel Healthcare
F and P Healthcare lifts guidance as sales grow, margins widen; shares rally
F&P Healthcare 1H profit rises 18%, on record sales, wider margins
Fisher & Paykel Healthcare