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Investing.com -- Shares of Intertek Group PLC (LSE:LON:ITRK) climbed 5.5% as the company reported fiscal year 2024 earnings per share (EPS) slightly above expectations.
Organic growth came in at 6.3% and improved margins of 17.4%, which represented an 80 basis point increase year-on-year (YoY).
The company also delivered strong free cash flow (FCF), resulting in leverage falling below 1x.
Investors were further encouraged by Intertek’s fiscal year 2025 outlook, which forecasts mid-single-digit organic growth and continued margin enhancement, aligning with market and consensus expectations.
The testing and certification company also raised its medium-term margin target from over 17.5% to more than 18.5% and announced an initial share buyback program of £350 million. This news appears to have resonated positively with investors, as reflected in the stock’s upward movement during the trading session.
Analysts have taken a favorable view of the announcement, with Jefferies commenting, "We think the release should be taken well with shares to outperform today."
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