Freightways profit of 6%, lagging expectations
Company "expects to be operating in a positive but slow growth environment for the foreseeable future".
Courier and data management company Freightways says profit before one-time items rose 6 percent in 2013 and similar profit growth is expected in 2014, lagging analyst estimates of 10 percent growth in the coming year. The shares fell 2.9 percent to a one-month low.
"The expected performance is consistent with Freightways' most recent outlook comments that it expects to be operating in a positive but slow growth environment for the foreseeable future," the Auckland-based company says in a statement.
"Freightways expects analysts will review their 2014 forecasts to more closely reflect Freightways' current operating performance."
Shares in the company dropped 13 cents to $4.38, their lowest since June 6. The stock has gained 6.1 percent this year.
Profit increased 6 percent to about $38 million in the year ended June 30, excluding a $1 million one-time earnout payment in 2013 and a $1.05 million Christchurch earthquake insurance payout in 2012, the company says.
The audited results will be announced August 12.
(BusinessDesk)
Tina Morrison
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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Freightways profit of 6%, lagging expectations
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