KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Key Highlights:
Earnings Outperform Expectations:
- Q3 diluted EPS rose to $2.87, up from $1.96 last year.
- Beat analysts' expectations of $2.71.
Revenue Growth:
- Q3 revenue increased 9% YoY to $2.40 billion, exceeding forecasts of $2.36 billion.
Upgraded Full-Year Guidance:
- Fiscal 2024 EPS guidance raised to $14.08–$14.16, up from $13.95–$14.15.
- Revenue expectations increased to $10.45–$10.49 billion, up from $10.38–$10.48 billion.
- Analysts anticipated $13.97 EPS and $10.44 billion revenue, slightly below new projections.
Positive Q4 Outlook:
- Expected EPS: $5.56–$5.64, aligning with analyst estimates of $5.62.
- Revenue forecast: $3.48–$3.51 billion, closely matching the consensus of $3.50 billion.
Investor Reaction:
Lululemon's performance reflects strong demand and operational efficiency, driving shares up 17% on Friday, with optimism surrounding robust holiday season prospects.
Outlook:
The upgraded guidance signals confidence in maintaining growth momentum, positioning Lululemon as a standout in the retail and activewear industry.
Comments
Post a Comment