Australia's Emeco Holdings sees earnings growth in FY23, shares rise

Emeco Holdings

15/06/2022 03:44

** Shares of Emeco Holdings  EHL.AX  jump up to 4.1% to
A$0.765, their biggest intraday pct gain since May 31
    ** Earthmoving equipment solutions provider says it expects
operating EBITDA for fiscal 2022 to be at the bottom end of
A$250 mln ($172.75 mln) and A$260 mln range  urn:newsml:reuters.com:*:nASX7b7f15
    ** In FY21, co posted operating EBITDA of A$238 mln
    ** Sees earnings growth from the existing fleet in fiscal
2023 due to high demand for its equipment and services after
external factors like tight labour markets and COVID-19-related
uncertainties abate
    ** Says sustaining capex for FY22 will be toward the upper
end of prior guidance range of A$140 mln to A$150 mln
    ** EHL down 16.5% this year, as of last close

($1 = 1.4472 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))