Belimo Rises on Upbeat European Outlook for 2013
Belimo climbed as much as 3.9 percent, the biggest intraday gain since Feb. 6, and was up 3 percent at 2,060 Swiss francs as of 10:41 a.m. in Zurich. The stock has risen 16 percent this year, giving the Hinwil-based company a market value of 1.28 billion francs ($1.4 billion).
The supplier to the building industry said it expects growth in its major European markets in 2013, even as a lingering financial crisis crimps government spending. Europe accounted for 55 percent of Belimo’s sales in 2012.
Full-year net income rose 19 percent to 61.4 million francs as sales rose 6.9 percent to 444.6 million francs, Belimo said. The company is proposing a dividend of 60 francs a share, an increase of 10 francs from a year earlier.
“Belimo reported a solid recovery,” Serge Rotzer, an analyst at Bank Vontobel AG said in a note to investors. Rotzer has a hold recommendation on the stock.
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