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Market share gains help GN Store Nord top forecast
Market share gains and cost cutting helped Danish hearing aid and headset maker GN Store Nord to beat first-quarter profit forecasts on Thursday.
The company kept its full-year estimates for sales growth, excluding acquisitions, of more than 5 percent and earnings before interest tax and amortisation (EBITA) of 800-900 million Danish crowns ($141-$159 million), before non-recurring restructuring costs of up to 200 million.
Group revenue was driven by an 11.5 percent increase in sales in its hearing aid business GN ReSound to 914 million crowns, above an average 877 million crowns estimate in a Reuters poll of analysts.
“During the first quarter we continued to gain market share and thereby further strengthened our market position,” Lars Viksmoen, head of GN ReSound, in a statement.
Revenue in the headsets division GN Netcom grew 18.5 percent to 564 million crowns, the unit’s highest sales in a first quarter since 2008, also exceeding analysts’ forecasts, GN Store Nord said.
Shares in the company traded up 3.0 percent at 0715 GMT, against a 0.6 percent rise in the Copenhagen stock exchange’s benchmark index.
GN Store Nord, which counts Swiss group Sonova, German company Siemens and compatriot William Demant as its main rivals in hearing aids, said a programme to cut costs, reduce complexity and globalise operations in the ReSound division was on track.
The group is aiming for the restructuring to boost EBITA by 190-240 million crowns by 2013, compared with 2011.
First-quarter group EBITA rose 55 percent to 150 million crowns from 97 million a year earlier, beating an average forecast of 132 million in the Reuters poll.
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