Australia's Elders eyes best day in more than 4 years on EBIT beat

Elders

13/11/2023 01:24

(Updates share moves and milestone)
    ** Shares of Australia's Elders  ELD.AX  rise as much as
15.9% to A$7.160, set for best session since July 2019 if
current gains hold
    ** Agribusiness firm's stock top gainer on the benchmark;
hits highest level since Aug 18
    ** Co posts FY23 EBIT of A$171 mln ($108.81 mln), 3% above
Visible Alpha consensus
    ** Records FY23 revenue of A$3.32 bln, in line with Visible
Alpha consensus
    ** While ELD has cited "tough market conditions on multiple
fronts", there are several earnings growth drivers in FY24 -
Citi
    ** Brokerage has a PT of A$6.00 and maintains "sell" rating 
    ** Total 1.2 mln shares change hands, twice the 30-day
average volume 
    ** Stock down 39.1% this year, as of last close

($1 = 1.5716 Australian dollars)

 (Reporting by Rishav Chatterjee and Poonam Behura in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))