Belimo Rises on Upbeat European Outlook for 2013Patrick Winters
Belimo Holding AG shares rose the most in more than a month after the Swiss maker of air conditioning machinery forecast continued growth in Europe, its biggest market.
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.