ALS (ASX:ALQ) delivered a "solid" fiscal first half of 2026 with both segments, commodities and life sciences, beating Jefferies' estimate by 1% and 4%, respectively, said the investment firm in a Monday note.

The company reported Tuesday that its underlying earnings per share in the fiscal first half rose to AU$0.355 from AU$0.313 a year earlier. Revenue for the period was AU$1.66 billion, up from AU$1.46 billion last year.

Jefferies said that the only disappointment was the life sciences fiscal 2026 organic revenue growth outlook, which was lowered to 4% to 6% from 5% to 7%.

Jefferies kept a hold rating on ALS with a price target of AU$23.