Scales Corp shares rise to record after annual earnings upgrade

Shares in Scales Corp jumped to a record after New Zealand's biggest apple exporter said it expects to beat its forecast for annual earnings following a strong performance from its horticulture unit.

Earnings before interest, tax, depreciation and amortisation is expected to be 25 to 35 percent higher than its prospectus forecast of $41.2 million in calendar 2015, the Christchurch based company said in a statement. In February, the company said it beat its 2014 Ebitda forecast by 2.7 percent to $39.8 million after better than expected apple volumes drove up earnings in its horticulture division.

The company will provide further details on trading with its first-half earnings on Aug. 27, it said.

Its shares jumped 6 percent to a record $2.12, making the stock the best performer on the S&P/NZX All Index today. The stock listed in July last year at an offer price of $1.60.

BusinessDesk.co.nz

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.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024
CRP - Korella North Takes Another Two Steps Forward
May 3rd Morning Report
ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change
May 2nd Morning Report
AGL - Change in Senior Management
Devon Funds Morning Note - 01 May 2024
Rick Christie to step-aside as a non-executive director