Fisher & Paykel shares tumble despite first-half growth
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More news: Shares in Fisher & Paykel sank in early trading on the ASX despite the health equipment provider meeting its first-half profit guidance and beating its revenue target for the period.
Fisher & Paykel shares were down 3.4% to $33.38 by 11:10am AEDT, making it the worst performing stock across the ASX 200.
Fisher & Paykel reports 43% growth in first-half profit
The news: New Zealand health equipment provider Fisher & Paykel Healthcare reported a 43% boost to first-half profit, as operating revenue topped the company's upgraded guidance for the period.
The numbers: Net profit after tax for the first half was NZD153.2 million ($139 million), up 43% compared to the previous corresponding period. The result fell just below the midpoint of its first-half guidance range of NZD150 million to NZD160 million.
Total operating revenue grew 18% year on year to NZD951.2 million, topping the company's first-half guidance range of NZD940 million to NZD950 million.
Fisher & Paykel declared an interim dividend of 18.5 cents per share, up from the payout of 18 cents this time last year.
It also reaffirmed full-year guidance of between NZD1.9 billion and NZD2 billion in operating revenue, and between NZD320 million and NZD370 million in net profit after tax.
The context: Fisher & Paykel said the result was driven by new product introductions and changing clinical practice.
The company flagged that a relatively high hospital census during the period may have contributed as well, as hospitals returned to more normalised staffing and capacity and seasonal hospitalisations in the northern hemisphere from FY24 persisted into the beginning of the financial year.
The source: ASX announcement
