Courier, transport and data management company Freightways says
profit before one-time items rose 6%in 2013 and similar profit growth is
expected in 2014.
However, this fell short of analysts
estimates of 10% growth in the coming year – and Freightways shares fell
2.9% as a consequence.
“The expected performance is
consistent with Freightways’ most recent outlook comments that it
expects to be operating in a positive but slow growth environment for
the foreseeable future,” the Auckland-based company says in a statement.
“Freightways
expects analysts will review their 2014 forecasts to more closely
reflect Freightways’ current operating performance,” reports the National Business Review.
Shares in the company dropped 13 cents to $4.38, their lowest since June 6. The stock has gained 6.1%this year.
Profit
increased 6% to about $38 million in the year ended June 30, excluding a
$1 million one-time earnout payment in 2013 and a $1.05 million
Christchurch earthquake insurance payout in 2012, the company says.
Freightways’ audited results will be announced August 12.
