Bloomberg News

GN Advances as Headset Sales Seen Rising: Copenhagen Mover

February 21, 2013

GN Store Nord A/S (GN) rose to the highest price in seven years in Copenhagen trading after the Danish maker of headsets forecast 2013 sales that exceeded analyst estimates.

GN jumped as much as 6.4 percent to 97.65 kroner, the highest since February 2006. The stock rose 5.9 percent to 97.15 kroner at 11:07 a.m. local time, with trading volume at 117 percent of the three-month daily average. The advance made the company today’s biggest winner in the STOXX Europe 600 Index. (SXXP)

GN, which also owns a hearing-aid unit, said today revenue, excluding the effects of currency swings, acquisitions and divestments, may grow as much as 12 percent this year, helped by sales of new headsets. The predicted growth rate exceeded a Credit Suisse Group AG estimate of 7 percent and a Nordea Bank AB forecast of 8.9 percent, according to notes published by the two banks today.

“This result will be seen as positive by investors,” Credit Suisse said.

GN, based in Ballerup, Denmark, said fourth-quarter sales rose 12 percent to 1.76 billion kroner ($311 million). That beat the average estimate of 1.68 billion kroner in a Bloomberg survey of 15 analysts.

To contact the reporter on this story: Christian Wienberg in Copenhagen at cwienberg@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net


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