Fletcher Building increases guidance to NZ$403M
By Liezl Gambe- Fletcher Building upgraded its full-year earnings guidance by approximately 6.4%.
- The updated earnings range before significant items is now NZ$403 million.
- Improved manufacturing productivity and surplus property sales drove the positive revision.
Fletcher Building (ASX:FBU) raised its full-year earnings guidance to between NZ$403 million.
The updated range reflects a 6.4% increase supported by improved manufacturing and distribution volumes.
The company stated that its light building materials division benefited from low-cost scrap and improved productivity.
Furthermore, surplus property sales are expected to deliver approximately NZ$52 million in earnings.
Following the announcement, the Fletcher Building share price was up at $2.77.
Broad cost inflation and macroeconomic uncertainty continue to cause delays or cancellations for commercial projects.
The business plans to early adopt an IFRS 18-compliant income statement in the next financial year.
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