Tomra skyrockects on 'significantly better' Q4

Tomra Systems ASA

15/02/2024 08:34

** Shares in Tomra  TOM.OL  rise 22% to the top of STOXX 600
index  .STOXX  after the Norwegian waste management provider
posted Q4 results above estimates, owing to a strong sales
development in its collection and recycling units
    ** Tomra posts "significantly better" quarterly results,
Jefferies analysts say, noting that Tomra's net sales rose 19%
year on year to 4.12 billion Norwegian crowns ($390 million),
14% above consensus expectations
    ** The brokerage says the growth was driven by collection
and recycling (+26% and 18% organically, respectively), that
eclipsed the challenged food unit (sales down 20% year on year)
    ** Q4 EBITDA grew 26% year on year to 626 million crowns,
35% above consensus cited by Jefferies 
    ** The brokerage also flags Tomra reported a strong order
backlog in recycling, and progress in the cost reduction
programme in the food unit
    ** Tomra shares are on track for their best day since 2002


($1 = 10.5775 Norwegian crowns)

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