Elanders Rises Most in Five Months on Outlook: Stockholm Mover
Stock Chart for Elanders AB (ELANB)
Elanders AB (ELANB), a Swedish printing group with units on four continents, rose the most in over five months after reporting a quarterly profit and saying it expects higher pretax income this year.
The share rose as much as 13 percent, the biggest increase since Aug. 15, making it the top gainer in the Stockholm All Share Index. The Molnlycke, Sweden-based company traded 11 percent, or 2.30 kronor, higher at 23.40 kronor as of 12:48 p.m., local time.
Fourth-quarter sales increased 10 percent to 538 million kronor ($79.4 million) and net income was 75 million kronor, compared with a loss of 5 million kronor a year earlier. Sales and pretax profit for the current year are predicted to be higher than in 2011 while the consolidation of the printing business continues, Elanders said today in a statement.
“The positive development verifies that Elanders’ strategic choices have been fruitful,” Chief Executive Officer Magnus Nilsson said. “In 2012 we will continue to work on consolidating and optimizing our production units and intensify the development of new products and services.”
Elanders on Sep. 13 agreed to acquire some operations of NRS Tryckeri in Huskvarna and bought part of Falth & Hassler’s business on Jan. 24 last year.
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