Hexagon jumps after Q2 beat, strongest organic growth in five years
BUZZ-Hexagon jumps after Q2 beat, strongest organic growth in five years ** Hexagon HEXAb.ST shares jump around 10% after the Swedish industrial technology group reported Q2 results well ahead of expectations
** Q2 organic growth came in at 11.5%, well above 6.2% consensus, marking the highest level in five years, according to J.P.Morgan
** Q2 EBITAC was around 15% ahead of expectations, aided by particularly strong performances in the Autonomous Solutions and Manufacturing Intelligence divisions, J.P.Morgan says
** The brokerage says the results are likely to drive upward pressure on earnings estimates, while margin forecasts could see more meaningful upgrades as restructuring benefits feed through
** JPM adds that Hexagon's cost-improvement programme is largely completed ahead of schedule, supporting evidence that the company's operating model is delivering greater operating efficiency
** Share on track for a best day since November 2022, if gains hold
(Reporting by Agnieszka Gosciak-Rabalska)
((agnieszka.gosciak@thomsonreuters.com; +48 58 769 66 00;))