a2 Milk: Half-Year (HY) net profit after tax attributable of NZ$85.3 million
Source: The DairyNews
On February 18, shares of New Zealand-based a2 Milk Co (ATM.NZ) experienced a notable uptick, soaring as much as 9.1% to NZ$5.89, marking its most substantial intraday percentage gain since November 3, 2022. This surge propelled the stock to its highest point since June 8, 2023.
The dairy producer reported a Half-Year (HY) net profit after tax attributable of NZ$85.3 million ($52.24 million), a significant increase from the NZ$73.8 million reported a year ago. Encouragingly, a2 Milk Co upgraded its revenue growth outlook to low-to-mid single digits, surpassing its previous projection of percentage growth in the low single digits.
Citi analysts commented on the positive results, stating, "the combination of a better-than-expected result, FY24 guidance upgrade, and new product development is likely to trigger investors who have been underweight the stock to revisit it."
The latest surge contributes to an impressive overall performance, with the stock up approximately 28% Year-to-Date (YTD). Investors are evidently responding favorably to a2 Milk Co's financial performance and optimistic outlook in the highly competitive dairy industry.
(Conversion: $1 = 1.6329 New Zealand dollars)
Citi analysts commented on the positive results, stating, "the combination of a better-than-expected result, FY24 guidance upgrade, and new product development is likely to trigger investors who have been underweight the stock to revisit it."
The latest surge contributes to an impressive overall performance, with the stock up approximately 28% Year-to-Date (YTD). Investors are evidently responding favorably to a2 Milk Co's financial performance and optimistic outlook in the highly competitive dairy industry.
(Conversion: $1 = 1.6329 New Zealand dollars)
