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Sonova's shares jumped more than 7% early on Tuesday after the Swiss hearing aid maker's downward adjustment of full-year core earnings estimates was less severe than investors had feared. The world's largest maker of hearing aids expects its annual adjusted core earnings (EBITA) to grow between 4% and 8% in local currency, compared with a previous target of 6% to 10%. "Shares are trading up, most likely because there is a relief in the market that the profit warning was not bigger than what it turned out to be," Carnegie analyst Niels Granholm Leth said.
Sonova Holding AG, the world's largest maker of hearing aids, on Tuesday reported full-year core profit below expectations and said a return to "normal growth rates" would take time given weak consumer sentiment and the loss of a big US customer. The Swiss group posted adjusted earnings before interest, tax and amortization (EBITA) of 840.4 million francs ($945.44 million) for the fiscal year ended March 31, missing analysts' forecasts of 859.7 million francs in a poll by Vara Research. Sonova said it expected 2023-2024 consolidated sales to increase 3%-7% and adjusted EBITA to grow in the range of 6% to 10%, measured at constant-exchange rates.