23 May 2011

Fisher and Paykel results due this week

9:30 am on 23 May 2011

A clearer picture of international trading conditions should emerge this week, as two large listed manufacturers release their full year results.

The full year results for Fisher & Paykel Healthcare are due on Wednesday and those of Fisher & Paykel Appliances will be released on Friday.

Analysts will be closely watching Fisher and Paykel Healthcare's sleep apnea range, and what impact the high New Zealand dollar could have on the business during the year ahead.

The medical equipment manufacturer's guidance for the full year is for a profit of between $60 and $63 million.

But Forsyth Barr senior analyst Guy Halwright says this may be pushed slightly higher due to the New Zealand dollar over the past six months.

He says the sleep apnea market has been slower than previously, but it's unclear whether this is simply a lingering effect of the economic crisis and the slow American economy.

He says the high New Zealand currency is the main problem facing Fisher & Paykel.

Meanwhile Fisher & Paykel Appliances is due to release its full year results on Friday.

Forsyth Barr senior equity analyst Andrew Harvey-Green estimates the listed whiteware maker will have a profit of about $26 million.

While trading will have been subdued, he expects the result will be bolstered by its finance division.

Mr Harvey-Green says there have been difficult trading conditions in all its key markets during the last six months, including New Zealand, Australia and the United States.