Manawa, F&P Healthcare upgrade annual earnings forecasts

Manawa Energy has upgraded its earnings forecasts. Photo / File

Power company Manawa Energy has upgraded its operating earnings forecast for the current year, due in part to favourable trading conditions.

Manawa – known as Trustpower until 2022 – said earnings before interest, tax, depreciation, amortisation and financial instruments (ebitdaf) for the March 31 year would likely be in the range of $142 million to $147m, above the previous guidance range of $120m to $140m.

Capital expenditure guidance remained unchanged at $65m to $80m.

“The revision is driven by several factors, including an increased focus on operating efficiencies and value capture, favourable energy trading conditions in Q3 and Q4, and relatively strong irrigation demand,” Manawa said.

It had also progressed and expanded its pipeline of renewable development options, saying it achieved some milestones in recent months.

It had secured resource consent from the Marlborough District Council for the previously announced Argyle Solar Farm, next to its Branch River hydro scheme.

The company was preparing a resource consent application to expand the Argyle Solar Farm, expected to be lodged in early 2025.

It had also secured land options for a potential 100-megawatt wind farm opportunity in Marlborough, along with a solar opportunity in the Mackenzie Basin, taking its secured pipeline of wind and solar options to more than 1.2 gigawatts.

Fisher & Paykel Healthcare

Separately, Fisher & Paykel Healthcare updated its revenue and earnings guidance for the March 31 financial year.

The full-year guidance previously provided on November 29, based on a NZ/US exchange rate of 58 cents, was for operating revenue to be about $1.7 billion and net profit after tax in the range of about $250 million to $260m.

Now, assuming a NZ/US exchange rate of about 61c for the balance of the financial year, the company expects full-year operating revenue to be about $1.73b and underlying profit after tax – excluding any fair value changes – in the range of about $260m to $265m.

“In the hospital product group, there has been a continuation of solid demand for our hospital consumables across the product portfolio throughout the second half, which is towards the upper end of our expectations from November,” said Lewis Gradon, managing director and chief executive.