CSL's AGM confirms continued growth

CSL has confirmed at its AGM that it expects another strong year in 2014, with earnings growth of 7%. Still, this is down from that the 10% flagged at the full-year results in August due to the one-off US$64m bill from a legal settlement in the US (see CSL reaches price-fixing settlement from 08 Oct 13 (Hold – $65.44)). The company also announced a new US$950m on-market share buyback which continues its strategy of using excess cash to boost shareholder returns. It's a strategy we support, although its value falls as the share price rises. Buybacks have become commonplace for...

CSL has confirmed at its AGM that it expects another strong year in 2014, with earnings growth of 7%. Still, this is down from that the 10% flagged at the full-year results in August due to the one-off US$64m bill from a legal settlement in the US (see CSL reaches price-fixing settlement from 08 Oct 13 (Hold – $65.44)).

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