Shares of Bapcor climbed as much as 8% to A$6.93, their highest since December 6, following the announcement of the company’s annual profit meeting projections.

The vehicle parts producer reported a Fiscal Year 2023 (FY23) net profit after tax in accordance with estimates from Citi and UBS.

However, FY24 guidance is predicted to be 1% below Visible Alpha’s consensus.

Citi anticipates low-to-mid single digit reductions to Visible Alpha’s FY24 EBITDA consensus of A$334 million.

UBS predicts that the company’s earnings will have a second half skew in FY24.

The company observed its highest intra-day percentage gain since February 10, 2022.

Bapcor also came out as the top performer on the ASX 200.

As of the last closure, the stock was down by 0.6% for the year.

Bapcor is a leading vehicle parts producer.