ResMed’s September quarter earnings per share of 56 cents missed analyst estimates of 58 cents per share, sending the stock down 1.4 per cent in trade on the New York Stock Exchange.
Earnings per share increased 14 per cent from the previous September quarter, driven by reporting record revenue for the quarter. All up, the numbers were positive for ResMed, the market simply expected a better result.
Domestically, ResMed is trading at its highest level since the share price collapsed in August 2010.
Current analyst target prices are comfortably over $6 – ResMed closed at $5.90 yesterday.
Since reporting the sale of its share in a New Zealand joint venture with Worley Parsons, Transfield has gained 8.8 per cent. Market enthusiasm has been focused on the marginal reduction to gearing levels, which remain high in an uncertain environment.
The project manager holds their annual general meeting today. Both resource and government-related maintenance work has been soft this financial year and could impact Transfield’s guidance for the year ahead.
Tone of messaging concerning the financial year so far and any forward guidance will direct the direction of trade for Transfield today.