Denmark's NKT rises on Q4 profit beat

NKT A/S

21/02/2024 09:56

** Shares in NKT  NKT.CO  are up 6.7% after the Danish cable
solutions provider beat Q4 profit expectations
        ** Stock on track for best day since mid-May 2023
  
    ** Co reported adjusted EBITDA of EUR 63.2 mln ($68.2 mln),
which was 4% above J.P.Morgan's estimate, driven by higher
non-allocated costs
    ** Its Q4 revenues increased by 40% YoY organically, on
standard metal prices
    ** While JPM says that overall the results are reassuring,
it adds that "a lack of meaningful beat" could lead to some
profit taking today after strong performance in the past three
months
    ** The company targets FY operational EBITDA of EUR 285-335
million for 2024
    ** "Given the recent track record, we will not be surprised
if consensus moves to the upper half of the guidance, driving
small upgrades," JPM says    

($1 = 0.9266 euros)

 (Reporting by Elviira Luoma)
 ((Elviira,luoma@thomsonreuters.com))