Fisher & Paykel Healthcare raises forecast

FISHER & Paykel Healthcare Corp, which makes breathing masks and respirators, has raised its earnings forecast as new products boost sales and widen margins.

Fisher & Paykel profit is likely to be $NZ90 million ($A79.11 million) to $NZ95m in the year ending March 31, up from its May forecast of $NZ85m to $NZ90m, and as much as 23 per cent ahead of its 2013 profit of $NZ77.1m, the Auckland-based company said in a statement on Tuesday.

It is boosting profit margins on record sales, higher-margin new products and lower costs from its plant in Mexico.

The company estimates it is tapping a potential market for respiratory products of more than $US5 billion ($A5.57 billion) a year and more than 100 million patients.

"Growth so far this year has continued to be robust," chief executive Mike Daniell said in notes for delivery at the company's annual meeting in Auckland on Tuesday.

"Our margins are increasing as a result of new products and applications driving a favourable product mix, and as we gain efficiencies through lean manufacturing, logistics and supply chain improvement."

The company said it expects full-year operating revenue of $NZ625m to $NZ645m, up from its May forecast of $NZ610m to $NZ630m and ahead of 2013's record $NZ556.3m.

Fisher & Paykel's latest full-year forecasts are based on the New Zealand dollar trading at about 80 US cents, while its previous forecasts in May were based on the kiwi trading at 80-85 US cents, the company said.

Some 99 per cent of the company's products are exported and Fisher & Paykel took advantage of a recent dip in the New Zealand dollar to add to its foreign exchange hedging, Mr Daniell said.

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