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Nibe Jumps After Quarterly Net Beats Estimates: Stockholm Mover

Aug. 15 (Bloomberg) -- Nibe Industrier AB, a Swedish heating-technology company, rose the most since 2009 after second-quarter sales and net income beat analysts’ estimates.

Nibe rose as much as 7.25 kronor, or 7.5 percent, to 103.75 kronor, its biggest intraday jump since Feb. 13 2009, making it the third-biggest gainer on the Stockholm OMX All Share Index. Shares traded 6 percent higher at 102.25 kronor as at 4:06 p.m. local time, valuing the company at 11.3 billion kronor ($1.68 billion).

Sales rose to 2.32 billion kronor in the second quarter from 1.62 billion kronor a year earlier, slightly beating the average estimate of 2.3 billion kronor, the Markaryd, Sweden-based company said in a statement today. Net income rose 73 percent to 180 million kronor, exceeding the 155-million kronor estimate according to a survey compiled by Bloomberg.

“High oil prices and signs of some optimism in various parts of the world encourage us to remain cautiously positive about the prospects for 2012,” Chief Executive Officer Gerteric Lindquist said in the statement. “In terms of markets, most of our exposure is towards countries with strong economies,” he said.

To contact the reporter on this story: Toby Alder in Stockholm at talder@bloomberg.net

To contact the editor responsible for this story: Adam Ewing at aewing5@bloomberg.net

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