Australia's CSL trims profit outlook, plans $905 mln share buyback
SYDNEY Oct 16 (Reuters) - Australian blood products maker CSL Ltd said it expected slightly lower profit growth in the current business year as litigation costs weigh but added that it planned to buy back shares of up to A$950 million ($905 million).
Guidance for net profit growth was cut to 7 percent from a previous estimate of 10 percent, due to an expected charge from the settlement of U.S. antitrust litigation, Chairman John Shine said at CSL's annual general meeting.
The settlement has yet to be approved by a U.S. federal court.
Shine added the company was trading consistently within expectations.
The planned buyback will be completed over the next 12 months. CSL has has bought back about 22 percent of its shares on issue since 2005, Shine said.
The buyback plans helped lift CSL shares, which jumped 1.3 percent to trade at A$66.25 as of 2326 GMT, outperforming a 0.4 percent decline in the broader market. (Reporting by Maggie Lu Yueyang; Editing by Edwina Gibbs)
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