Company News Summary
Fletcher Building Provides an Update on Earnings Guidance
Original announcement: FBU Updated FY2017 Earnings Guidance
Fletcher Building provided an update on earnings guidance for the FY2017. The Company expects operating earnings before interest, tax and significant items (EBIT) to be between $610m to $650m for the year ending 30 June 2017. This compares with the previous EBIT guidance range of $720m to $760m. The revised guidance is due to the identification of additional estimated losses and downside risk in the Buildings and Interiors business unit of the Construction division. All other business units within the Construction division have continued their strong trading performance. However, taking into account the new estimates of profitability for the commercial construction projects, it is expected that the Construction division as a whole will report a loss at the EBIT level for FY2017.
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