The One Kiwi Stock Still Up This Year Just Raised Guidance Again
The One Kiwi Stock Still Up This Year Just Raised Guidance Again
(Bloomberg) -- There’s only one stock in New Zealand that’s still up this year, and it just raised its profit guidance for the second time in four weeks.
The nation’s top-50 share index has crashed along with global markets, falling 22% so far in 2020. Every stock is down, except Fisher & Paykel Healthcare -- a maker of medical equipment to treat respiratory illnesses. Amid the sea of red, it’s up 14.9% since Jan. 1.
”Our respiratory humidifiers and consumables are directly involved in treating patients with coronavirus,” Chief Executive Lewis Gradon said in a statement Tuesday. “We have seen an increase in demand globally and have ramped up our manufacturing output.”
The Auckland-based company has also benefited from a weaker New Zealand dollar, Gradon said, as he raised the net profit outlook for the financial year ending March 31 to as much as NZ$280 million ($169 million) on revenue of NZ$1.24 billion. At the start of 2020, Fisher & Paykel anticipated profit of NZ$255-265 million.
To contact the reporter on this story: Matthew Brockett in Wellington at mbrockett1@bloomberg.net
To contact the editors responsible for this story: Matthew Brockett at mbrockett1@bloomberg.net, Tracy Withers
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