Australia's National Tyre & Wheel hits near 3-year high on forecast raise

NTAW Holdings

28/07/2021 02:32

** Tyre maker's  NTD.AX  shares rise as much as 3.9% to
A$1.21, their highest since Aug. 30, 2018
    ** Co says https://www.ntaw.com.au/media/3iifteno/28-07-21-asx-annct-trading-update.pdf
 it now expects FY21 operating EBITDA to be A$35.9 mln ($26.45
mln), up from previous forecast of between A$31 mln and A$33 mln
    ** Adds it benefited from "unusually high consumer demand
for some products ... unusual inventory movements throughout the
industry"
    ** Expects basic earnings per share of 18 cents for FY21,
above previous view of 17 cents
    ** Sees FY22 operating EBITDA slightly lower in the range of
A$31 mln to A$33 mln
    ** Stock posts its biggest intraday pct. gain since July 6;
on track to rise for a fourth straight session
    ** NTD up 22.6% this year, as of last close

($1 = 1.3570 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com;))