COPENHAGEN, Feb 12 (Reuters) - Shares in GN Store Nord , the Danish hearing aid and headset maker, jumped more than 10 percent on Friday after fourth-quarter results met forecasts, following problems in previous months.
The company reported quarterly earnings before interest, tax and amortisation (EBITA) of 522 million Danish crowns ($79 million), compared with analysts’ average forecast of 519 million crowns.
For the full year, revenues grew 14 percent to 8.4 billion crowns while EBITA rose 16 percent to 1.46 billion crowns, both also in line with forecasts.
In the previous three quarters, GN Store Nord had either missed forecasts or announced surprising news such as a fraud case against one of its U.S. executives, which was later resolved.
“The expectation was very much for strong growth despite prices being pressured downwards. When you finally deliver on strong expected growth, when the market hasn’t priced that in, the share goes up much more,” said Alm. Brand analyst Michael Friis Jorgensen.
“The results were in line with analysts’ forecasts but not with investors’ expectations ... It is more of a relief. GN is really a cheap share and today will be only the first leg of people buying into the share,” he said.
$1 = 6.6189 Danish crowns Reporting by Sabina Zawadzki; Editing by Mark Potter