Johnson Matthey H1 beats forecasts
Shares up Canada Goose Parka 1.4 pct, vs 0.7 drop in FTSELONDON, Nov 23 (Reuters) Canada Goose Online Johnson Matthey Plc, the world largest supplier of catalytic converters, posted a 24 percent rise in first half profit, helped by truck sales in North America, and said it expected a stronger second half thanks to resilient demand.
The speciality chemicals company said customer demand was holding up in most regions, despite some in southern Europe, with key segments like the North American truck market also holding up in the face of a global slowdown.
That allowed the group, for whom emissions legislation is key to demand, to forecast second half results ahead of the first six months of the canada goose store year.
2008, there is no evidence of any stockbuilding among our customers, Finance Director Rob MacLeod told Reuters, referring buy canada goose jacket cheap to unsold cars that accumulated on forecourts Canada Goose online during the crisis as production cuts lagged the drop in sales.
as of today and we can only call it as of today there is no particular slowdown in our markets.
Underlying profit before tax came in at 203 million pounds ($317.6 million), up 24 percent, compared with a consensus of analysts forecasts of 194.1 million, according to Thomson Reuters I/B/E/S.
Underlying earnings per share rose 29 percent to 72.8 pence, again just above expectations.
The speciality chemicals company benefited from an canada goose outlet store locations increase in the proportion of diesel cars sold in Europe critical as the complexity of systems required to meet emission standards for diesel engines makes them far more profitable but also from improved use of its canada goose deals plants after a Brussels canada goose clearance factory was shut down in July.
It also felt a lift from higher average precious metals prices, which helped offset the impact of higher rare earth prices on parts of its autocatalyst business.
Higher rare earth prices Canada https://www.goosesale.ca Goose Outlet squeezed margins and had a 15 million pound impact canada goose replica at the Canada Goose Coats On Sale operating canada goose coats on sale level in the first half, but will have no impact in the second half thanks to a sharp drop in prices but also to agreements with customers that will see Johnson Matthey pass on any price rises.
The main rare earth material used by the company is cerium oxide, used in catalysts for gasoline vehicles.
Shares in the group were up 1.4 percent by 0907 GMT at 1,794 pence, outperforming a 0.7 percent drop in the FTSE 100 blue canada goose black friday sale chip index.
DIVIDEND CLIMBS Johnson Matthey which also beat its own return on capital target said it would raise its dividend by 20 percent to 15 pence per share, again above forecasts, but canada goose outlet toronto factory said its long term aim remained for dividend cover of 2.5 times.
The groups Environmental Technologies division, which makes catalysts and accounted for almost 70 percent canada goose uk of group sales, saw sales canada goose coats up 22 percent canada goose and operating profit up 19 percent, thanks to sales into the heavy duty diesel market and an increase in Canada Goose sale the sale of diesel cars in Europe which helped offset a dip in North America.
It 2018 canada goose outlet expects profit for the division in the second buy canada goose jacket half to be ahead of the first six months.
Precious Metals, its next most significant division, saw operating profit up 32 percent, Canada Goose Jackets benefiting largely from increased precious metals prices and strong demand in manufacturing.
The price effect is expected to ease in the second half as platinum, palladium and gold prices have softened, with the division set to post a year on year increase in the second half but a weaker performance than in the first six months.
The canada goose clearance sale company had canadian goose jacket said in July its first half performance to the cheap Canada Goose end of September would be ahead of the year ago period, thanks to resilient demand.
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