By Stuart Condie
SYDNEY--Ansell shares hit a three-and-a-half-year high after the Australia-listed protective-garment manufacturer raised its earnings guidance, helped by the better-than-expected performance of its recent US$640 million acquisition.
December-half organic revenue growth at Ansell's industrial and healthcare units exceeded analysts' expectations. With about an hour of Monday's session remaining, the stock was up 8% at 37.71 Australian dollars, or about US$23.66.
The stock hasn't been at that level since August 2021, when the share price was still benefiting from what outgoing Chief Financial Officer Zubair Javeed called the sugar hit of Covid-related demand.
Ansell said that the KBU business it acquired from Kimberly-Clark on July 1 had performed better than it had hoped. It now expects to complete integration and bring sales services in-house by the end of the June half, earlier than originally anticipated.
Ansell expects annual adjusted earnings per share of between US$1.18 and US$1.28. The average analyst forecast prior to Monday's result was US$1.16, according to data compiled by Visible Alpha.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
February 09, 2025 23:40 ET (04:40 GMT)
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