0416 GMT - Monadelphous gave a more upbeat outlook for FY 2025 at its annual shareholder meeting versus three months ago, says Citi analyst William Park. The engineering group has secured A$1.5 billion of work so far this fiscal year, accounting for roughly 70% of full-year revenue expectations and providing "solid top-line visibility," Park says. "We are particularly encouraged by favorable mix shift in segmental contract awards," which should support improved margins, he says. Citi has a buy rating and A$16.20/share target on Monadelphous. The stock is up 3.5% at A$12.95. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
November 18, 2024 23:16 ET (04:16 GMT)
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