2324 GMT - Sims's upbeat update on its North America Metal business shows a turnaround in earnings well ahead of expectations, says Jefferies analyst Simon Thackray. Jefferies upgrades its FY 2025 Ebit forecast for that division to A$105 million from A$24 million "on the back of a material improvement [in] conditions we did not expect until late FY26." Yet the bank remains cautious on Sims's recovery from an earnings trough given ongoing headwinds in Asia. Pressure on earnings in the company's Australia and New Zealand Metal business "should now be the focus," Thackray says. Shares in Sims ended Thursday at A$12.40 after a 12% jump. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
September 19, 2024 19:24 ET (23:24 GMT)
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