Sonova Advances Most in a Year on Hearing-Aid Maker’s Forecasts
Sonova Holding AG (SOON) rose the most in a year after first-half revenue beat analysts’ estimates and the Swiss hearing-aid maker lifted its sales and earnings forecasts.
Sales will probably rise 8 percent to 10 percent in local currencies in the 12 months through March, compared with the earlier forecast of a 6 percent to 8 percent gain, the company said in a statement today. Earnings before interest, taxes and amortization will probably advance 11 percent to 14 percent in local currencies, compared with 9 percent to 13 percent predicted previously.
The stock rose as much as 7.3 percent, the steepest intraday gain since last November. The shares traded 6.3 percent higher at 125.80 Swiss francs at 10:21 a.m., giving the Staefa, Switzerland-based company a market value of about 8.4 billion francs ($9.2 billion).
First-half results were driven by “strong” organic growth despite higher-than expected negative currency effects, Oliver Metzger, an analyst with Commerzbank AG, said in a note to investors today. “We regard the results as positive.”
Ebita rose 13 percent in local currencies to 206.2 million francs in the six months through September, Sonova said. Sales rose 10 percent on that basis to 947.8 million francs, beating the 926.6-million franc average of eight analysts’ estimates compiled by Bloomberg.
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