AB Foods Delivers Pleasant Surprise With Better-Than-Expected Cash Returns -- Market Talk

Dow Jones11-05

0807 GMT - AB Foods brought positive news to investors as its fiscal 2024 performance beat expectations and as it increased shareholder returns, RBC Capital Markets analysts Richard Chamberlain and Manjari Dhar say. The British conglomerate's new share buyback of 500 million pounds implies a slightly better-than-expected leverage, and its total dividend of 90 pence a share was well ahead of the forecast, they say. The company reported a pretax profit of 1.91 billion pounds, slightly ahead of RBC's estimate of 1.87 billion pounds. By division, Primark's operating profit also beat expectations, and the guidance for fiscal 2025 implies low-single-digit sales growth on a like-for-like basis, they say. Shares rise 4.4%. (michael.susin@wsj.com)

(END) Dow Jones Newswires

November 05, 2024 03:07 ET (08:07 GMT)

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