0052 GMT - While Metcash's first-half results are broadly in line with Citi analysts' expectations, the composition is a surprise. The supermarket supplier's underlying net profit is in line with guidance and underlying Ebit about 2% stronger than Citi's forecast. The analysts tell clients in a note that earnings from Metcash's food business are stronger than they had anticipated, but that hardware earnings are much weaker on lower trade activity and higher competition. They think investors may welcome signs of improvement early in Metcash's fiscal second half. Citi has a neutral rating and A$3.40 target price on the stock, which is up 3.5% at A$$3.23. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 01, 2024 19:52 ET (00:52 GMT)
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