Fisher & Paykel shares lift on guidance upgrade
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More news: Fisher & Paykel shares climbed at market open after the healthcare company upgraded its earnings guidance for the 2024 financial year.
Shares were trading 6.5% higher at $23.92 by 11:00am AEDT.
Fisher & Paykel upgrades FY24 earnings guidance
The news: Fisher & Paykel Healthcare has updated its earnings guidance for the 2024 financial year, following continued demand for its hospital consumables.
The numbers: In November, the health equipment provider set full-year guidance for operating revenue at NZD1.7 billion ($1.56 billion) and net profit after tax of between NZD250 million and NZD260 million.
The Auckland-based company now expects operating revenue of around NZD1.73 billion and underlying profit after tax in the range of NZD260 million to NZD265 million.
The context: Fisher & Paykel said its hospital product group had seen a continuation of solid demand for its hospital consumables throughout the second half of the financial year, "towards the upper end" of its expectations set in November.
The company also said it will soon be commencing a scheduled valuation of the properties it owns in East Tāmaki and Karaka, Auckland and Tijuana, Mexico.
Fisher & Paykel CEO Lewis Gradon noted that the higher interest rate environment and current zoning status of the company's land in Karaka will likely have an adverse impact on the Karaka property valuation.
The source: ASX announcement
