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BUZZ-Australia's Worley extends gains on robust FY results, upbeat outlook

Reuters · 08/28 01:22

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BUZZ-Australia's Worley extends gains on robust FY results, upbeat outlook

** Shares of Australian engineering firm Worley WOR.AX extends gains to rise as much as 3.4% to A$14.965, their highest level since Aug. 1

** Co reported a 27% rise in FY underlying profit after tax attributable to A$416 mln ($281.47 mln) on Tuesday

** Says targeting low double-digit EBITDA growth and expects underlying EBITDA margin (excluding impact of procurement) to be within 8.0%-8.5% in FY25

** We think the FY25 outlook was much better than the market had feared and are surprised the relief rally wasn't stronger - brokerage Citi

** Stock is the second-biggest gainer on the benchmark S&P/ASX 200 index .AXJO

** Stock down 17.1% this year, as of last close, vs a 6.3% increase in the benchmark S&P/ASX 200 index .AXJO

(Reporting by Roushni Nair in Bengaluru)

((Roushni.Nair@thomsonreuters.com;))

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