Bucher climbs on 2022 EBIT beat, higher dividend
24/02/2023 07:57
** Shares of Bucher Industries BUCN.S are seen up 3% in
Julius Baer premarket trade after the company reported
higher-than-expected EBIT for 2022
** The Swiss engineering group's EBIT increased by more than
20% to 425 million Swiss francs ($454.45 million) in 2022, from
352 million francs a year earlier
** "Stronger than expected FY22 profitability results in
solid EBIT beat," Vontobel says
** Vontobel says the higher-than-expected 2022 margin
implies consensus estimate upside in the mid-single-digit range
for 2023
** "The latter and the stronger than expected dividend
increase should support the shares today," the broker adds
** The group proposes a dividend of CHF 13 per share, a 37%
increase on last year and above consensus of CHF 11
** Bucher's shares have risen nearly 40% from their
September trough and are up 9.6% YTD
($1 = 0.9352 Swiss francs)
(Reporting by Anna Mackenzie)
((Anna.mackenzie@thomsonreuters.com))