The Maas Group Holdings Ltd (ASX: MGH) share price is having a very strong day.
In morning trade, the ASX 300 construction material, equipment and service providerâs shares were up 13% to $3.26.
The Maas share price has since pulled back a touch but remains up 9% to $3.13 at the time of writing.
Why is this ASX 300 share charging higher?
Investors have been scrambling to buy the companyâs shares on Thursday following the release of a trading update.
According to the release, Maas expects to report pro forma first half EBITDA in the range of $64 million to $66 million. This represents an approximate 60% increase on the pro forma EBITDA of $40.1 million it achieved in the corresponding period.
Looking further ahead, for the full year, management has reconfirmed its guidance for pro forma EBITDA in the range of $150 million to $180 million. This represents growth of approximately 20% to 44% on the pro forma EBITDA recorded in FY 2022.
This is also in line with the guidance it provided back in November, which was a downgrade from $180 million to $200 million due to wet weather impacts. Investors appear relieved that the downgrades are over for this ASX 300 share and that normal operating conditions have returned.
Maas CEO, Wes Maas, notes that âa solid first half result and year on year earnings growth had been delivered despite the significant impacts of weather to the groupâs operations during the period.â
He also points out that âthe FY23 result will be strongly second half weighted, driven by the expected return to normal operating conditions for several major infrastructure projects with more favourable weather conditions expected in the second half, and the group continuing to take advantage of its strong market positions.â
The post Guess which ASX 300 share is soaring 13% on a major earnings boost appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now…
See The 5 Stocks
*Returns as of February 1 2023
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/kCvpDUa
Leave a Reply