Smiths Group Beats Profit Estimates
British engineering firm Smiths Group reported better-than-expected full-year operating profit and initiated a sale of its US asbestos liability. The move follows a portfolio overhaul that raised over three billion pounds.
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Smiths Group Beats Profit Forecasts on Overhaul
Smiths Group posted an adjusted operating profit of £399 million ($534 million) for the year ended July 31, beating the £388 million analyst consensus. Shares in the United Kingdom engineering firm rose 4% during Tuesday morning trade. The 175-year-old company netted more than £3 billion ($4.01 billion) from shedding its detection and interconnect units under pressure from US activist investors.
