Australia's Worley extends gains on robust FY results, upbeat outlook

Worley

28/08/2024 02:22

** Shares of Australian engineering firm Worley  WOR.AX 
extends gains to rise as much as 3.4% to A$14.965, their highest
level since Aug. 1
    ** Co reported a 27% rise in FY underlying net profit after
tax attributable to A$416 mln ($281.47 mln) on Tuesday
    ** Says targeting low double-digit EBITDA growth and expects
underlying EBITDA margin (excluding impact of procurement) to be
within 8.0%-8.5% in FY25
    ** We think the FY25 outlook was much better than the market
had feared and are surprised the relief rally wasn't stronger -
brokerage Citi 
    ** Stock is the second-biggest gainer on the benchmark
S&P/ASX 200 index  .AXJO  
    ** Stock down 17.1% this year, as of last close, vs a 6.3%
increase in the benchmark S&P/ASX 200 index  .AXJO  


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))