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Key Points
- Data#3 share price hits 52-week high of $6.54 during morning trade
- Net profit before tax is expected to be above previous guidance
- Continued demand for Data#3 products
The Data#3 Limited (ASX: DTL) share price is on the move today following a positive update regarding its financial performance. The company's shares reached a 52-week high of $6.54 today before slightly treading lower.
At the time of writing, the business technology solutions company's shares are fetching for $6.44, up 10.84%.
Data#3 anticipates strong earnings growth
Investors are pushing Data#3 shares higher on Tuesday morning after digesting the company's latest announcement.
According to its release, Data#3 advised it expects to report a record performance for the half-year result for FY22.
Consolidated net profit before tax (NPBT) is forecasted to be slightly ahead of the top end guidance previously reported.
In October, Data#3 informed investors at its annual general meeting (AGM) that it was predicting a NPBT of $15 million to $18 million.
If this is achieved, NPBT for the H1 FY22 period along with earnings per share would represent around a 30% increase than H1 FY21 levels.
A global computer chip shortage was experienced throughout 2021 when demand spiked earlier than anticipated. Consequently, Data#3 has encountered a larger product backlog order for the year's end. This led to a profit of around $3 million to be realised in FY22.
Data#3 revealed that its audited full-year results for the 2021 financial year will be released on 17 February. In addition, management noted that it will announce its interim dividend to shareholders.
About the Data#3 share price
Over the last 12 months, Data#3 shares have climbed around 10% higher, but remain flat for 2022.
At today's price, Data#3 has a market capitalisation of roughly $896.77 million, with approximately 154.35 million shares on its registry.
