Australia's GUD Holdings jumps most in about 15 years on strong earnings

Amotiv

15/08/2023 05:18

(Updates with comments from Citi)
    ** Shares of GUD Holdings  GUD.AX  surge as much as 14.9% to
A$11.74, marking their biggest intraday gain since Dec. 8, 2008 
    ** Automotive parts maker posts annual underlying net profit
after tax attributable of A$118.7 mln ($76.99 mln), up 33% from
A$89.3 mln posted year ago and 3% above UBS and Citi estimates 
    ** Citi expects co to be well placed to benefit from the
ongoing improvement in Original Equipment Manufacturer supply
constraints into FY24 
    ** GUD declares final dividend of 22 Australian cents a
share, in line with a year earlier
    ** GUD's AutoPacific Group business is expected to post
further revenue and EBITA growth in FY24 - co
    ** Stock hits its highest level since June 1, 2022 
    ** GUD among top gainers on the benchmark ASX 200  .AXJO ,
which is up 0.6% 
    ** More than 620,000 shares change hands, vs the 30-day
average volume of ~316,000 shares
    ** Stock up 34.8% YTD as of last close
    
($1 = 1.5418 Australian dollars)

 (Reporting by Navya Mittal and Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))