Fletcher Building revised its FY24 earnings expectation downward as its materials and distribution divisions experienced a downturn in New Zealand and Australia.
EBIT before significant items is now projected between $500 million and $530 million, reflecting restructuring costs.
The adjustment is down from the previously forecasted range of $540 million to $640 million.
"Given the current conditions, our focus has been on managing things within our control, in particular: customer service; costs and margins; cash flows; capital allocation; funding; and closing out the remaining legacy construction projects," said Acting CEO Nick Traber.