Contact Energy Ltd [CEN.NZ] have come out with a profit warning this morning, lower than guidance made by the company in January 2009.Profit for Contact’s 2009 full year is expected to be 30 –33 per cent less than the year ending 30 June 2008.
With the share price finishing at $NZ5.80 at market close on Friday there is going to be a good opportunity to get shares today a sale price - the market is going to savage Contact.
Keep in mind though that the market should have anticipated the downgrade as all the signs were there for a slight profit drop from Contacts own guidance in January 2009.
A great chance to stock up for this good long-term company.
Remember, it is still making a profit and will only continue to increase those profits over the long-term.
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The End of a Natural Monopoly: Deregulation and Competition in the Electric Power Industry by Peter Grossman
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