Tecan Shares Rise Most in Eight Years as Forecast Raised
Stock Chart for Tecan Group AG (TECN)
Tecan climbed as much as 7.85 Swiss francs, or 14 percent, to 64 francs, the biggest intraday gain since June 6, 2003, and was up 10 percent as of 11:04 a.m. That pared the stock’s decline this year to 19 percent.
The manufacturer expects full-year sales growth in local currencies to be in the “high-single-digit percentage range,” compared with a previous forecast of an increase in the “mid- single” digits, Maennedorf, Switzerland-based Tecan said in a statement today.
First-half sales rose 12 percent in local currencies, helping offset gains in the Swiss franc, which is eroding the value of revenue in other countries, Tecan said. Operating profit in the period declined 9.8 percent to 20.8 million francs, and amounted to 11.5 percent of sales. Tecan repeated a forecast for a full-year operating margin in a range of 12 percent to 13 percent.
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