February 7, 2018 / 7:55 AM / 8 months ago

GN Store Nord delivers Q4 core profit above expectations

COPENHAGEN, Feb 7 (Reuters) - Danish hearing aid and headset maker GN Store Nord reported fourth-quarter core profit above analysts’ estimates, following the successful launch of its newest hearing aid, ReSound Linx 3D.

The company reported a quarterly core profit (EBITA) of 632 million Danish crowns ($105 million), compared with an average of 618 million Danish crowns expected by analysts.

GN Hearing, the company’s hearing aid division, reported fourth-quarter revenue growth of 8 percent, also above expectations.

“It’s safe to say, that this is our best launch ever. We expect the fact that our new product will be on the market for the whole of 2018 to show on our future growth,” GN Hearing’s chief executive Anders Hedegaard told Reuters.

GN Store Nord’s full year revenue grew 11 percent to 9.59 billion crowns while EBITA rose 10 percent to 1.74 billion crowns, both slightly above forecasts.

For 2018 GN Store Nord targets a double-digit percent increase in earnings per share, it said.

Reporting by Emil Gjerding-Nielson, editing by Teis Jensen and Kirsten Donovan

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