Smith & Nephew stock slumps after China-tied profit warning

Dow Jones10-31

MW Smith & Nephew stock slumps after China-tied profit warning

Shares of medical equipment maker Smith & Nephew (UK:SN) tumbled 10% in early trade as the company slashed its earnings guidance. Citing worse-than-expected headwinds in China, it now sees underlying revenue growth for the year around 4.5%, versus 5% to 6% previously. That will translate into margins - it's now seeing "up to 50 basis points" of growth versus last year's 17.5%, versus previous guidance of at least 18%. For 2025, it's expecting to lift its margin to between 19% and 20%.

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

October 31, 2024 04:13 ET (08:13 GMT)

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