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Monday, November 09, 2009
IMI Surges On Improved Earnings Forecast
By Steve Goldstein
MarketWatch Pulse
LONDON -- Shares of IMI surged 10% in early trade as the U.K. engineering group said second-half operating margins will be better than previously expected, topping 14%, leading to adjusted earnings per share between 43 pence and 45 pence. Analysts polled by FactSet had expected earnings of 38 pence. Selling prices remain resilient while low-cost sourcing initiatives and value engineering programs have reduced material prices in the year to date by around 5%.
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