2nd UPDATE: Lindt Upgrades Growth View, Dividend; Earnings Fall
2010年3月16日 - 10:58PM
Dow Jones News
Chocoladefabriken Lindt & Spruengli AG (LISN.EB), the Swiss
premium chocolate maker, Tuesday gave an upbeat growth outlook and
raised its dividend, sparking a surge in its share price.
Switzerland's largest independent chocolate producer said it
expects to post organic growth of 5% to 7% this year, and of 6% to
8% from 2011 onwards, compared with a previous target of 2% to
5%.
Investors liked the news, sending the company's shares higher.
At 1310 GMT, they were up CHF920, or 3.6%, at CHF26,580 in a firmer
Swiss market.
At the same time as upping its growth targets, Lindt lowered its
guidance for earnings before interest and taxes for this year, now
aiming at CHF300 million to CHF340 million instead of an original
target of CHF360 million. However, the downward revision was widely
anticipated because difficult markets and a restructuring--costing
some 150 mainly U.S. jobs--depressed profits last year.
Starting 2011, Lindt expects to grow Ebit by an annual 8% to
10%.
The producer of Lindor chocolate balls and the gold foil-wrapped
Easter bunny plans to raise its dividend by 11% to CHF400 per
registered share and to CHF40 per participation certificate. This
is despite a 26% fall in 2009 net profit to 193.1 million Swiss
francs ($182.2 million) from CHF261.5 million due to one-off items
such as an impairment charge for an Italian warehouse.
Sales of CHF2.52 billion, down 1.9%, were already reported.
Kepler Equities analyst Jon Cox said the company has "come
clean" on its profitability for 2010 by taking down its Ebit
outlook, and welcomed the upgraded top-line outlook and increased
dividend. He reiterated a hold rating and CHF27,000 price
target.
Bank Vontobel lifted its rating on Lindt to buy from hold,
citing prospects for market share gains and higher profits
following the restructuring measures.
The company said it plans to hold selling prices stable "with
only minor adjustments."
The U.S., which now generates some 26% of group sales compared
with just 2% a few years ago, will remain one of Lindt's main focus
countries.
"Today, we're selling around one billion Lindor balls in the
U.S., and the potential is still huge," Chief Executive Ernst
Tanner said.
He said cocoa prices remain an uncertainty. Recently, prices
have stabilized at around GBP2,200 per ton after a massive surge,
Tanner said, adding they may fall 10% to 20% once speculative
buyers leave the market.
Tanner said the company isn't in talks to grow through
takeovers, referring to Lindt's stringent acquisition criteria. He
also reaffirmed the company won't put itself up for sale.
Recent consolidation in the sector, including the acquisition by
Kraft Foods Inc. (KFT) of Cadbury PLC will lead to a more uniform
product offering, said Tanner, and Lindt--now ranked number six in
the world by size--is expected to benefit from consumers' appetite
for exclusive products.
Company Web site: http://www.lindt.com
-By Martin Gelnar, Dow Jones Newswires; +41 43 443 8040;
martin.gelnar@dowjones.com
Chocoladefabriken Lindt ... (PK) (USOTC:COCXF)
過去 株価チャート
から 5 2024 まで 6 2024
Chocoladefabriken Lindt ... (PK) (USOTC:COCXF)
過去 株価チャート
から 6 2023 まで 6 2024