Elekta Gains as Profit Beats Forecast: Stockholm Mover
(Corrects city in headline)
Elekta AB (EKTAB) rose the most in almost two years after the manufacturer of radiation-surgery equipment said second-quarter profit and sales exceeded analysts’ estimates.
The shares gained as much as 8.75 Swedish kronor, or 9.1 percent, to 104.60 kronor, the biggest intraday jump since Dec. 8, 2010. Elekta traded 6.15 kronor higher, or 6.4 percent, at 102 kronor at 12:23 p.m. in Stockholm.
Second-quarter net income increased to 258 million kronor ($39 million) from 249 million kronor, topping the 231.3 million-kronor average estimate of 10 analysts surveyed by Bloomberg. Sales rose to 2.49 billion kronor from 1.94 billion, compared with the 2.32 billion average estimate of 14 analysts. For 2013, Elekta forecast growth in full-year sales in local currency terms and operating profit of more than 15 percent.
The company’s guidance “appears conservative” given the strong sales and profit growth during the first half of the year, an analyst at Bank of America-Merrill Lynch wrote in a note to investors today.
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