2335 GMT - Lab-testing group ALS's guidance for its commodities business looks conservative to Morgans. ALS expects 13%-15% revenue growth in Minerals, representing some 80% of commodities revenue, and high-single digit growth in Industrial Materials. These exclude any benefit from acquisitions. Analyst Nicholas Rawlinson says it suggests organic revenue growth for the entire Commodities division of 12%-14%. "This cadence looks inconsistent with the underlying data," Morgans says. Capital markets data indicate that volumes should be accelerating. Prices are also more favorable. "The Commodities guidance is predicated on Minerals volumes remaining at the same absolute levels as 2H," Morgans says. "This is highly unlikely," Morgans says and keeps a buy call on ALS. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

May 18, 2026 19:35 ET (23:35 GMT)

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