Fletcher Constructing an Upbeat Narrative
NZ building products giant Fletcher Building saw its shares jump more than 6% at one stage on Wednesday when it revealed an upbeat earnings guidance for the 2022-23 financial year.
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We are a significant employer, manufacturer, home builder, and partner on major construction and infrastructure projects.
Our roots go back to 1909, when James Fletcher built his first house with Albert Morris in Dunedin, New Zealand.
From those humble beginnings, we today employ over 16,000 people in New Zealand, Australia, and the South Pacific.
In New Zealand, we employ some 10,000 people across almost every region of the country and make a significant contribution to both the national economy and many regional economies.
In Australia, we have significant operations in the manufacture and distribution of building products, employing over 5,000 people across the country, and some 800 people working on construction in the South Pacific.
We are in the business of building.
We manufacture building products; from insulation that keeps homes warm and dry, to cement, the foundation of built structures the world over. We operate retail businesses that distribute these products and many more to tradespeople right across the Tasman.
We also build homes, buildings, and infrastructure that create communities, improve productivity, and contribute to the quality of life for people living and working in cities and regions across our markets.
Fletcher Building is dual listed on the NZX and ASX and operates through six divisions – Building Products, Distribution, Concrete, Residential and Development, Construction, and Australia.
We are a major investor in local manufacturing in New Zealand and today, we are the only local fully integrated manufacturer of cement left in the country, through our Golden Bay Cement business.
NZ building products giant Fletcher Building saw its shares jump more than 6% at one stage on Wednesday when it revealed an upbeat earnings guidance for the 2022-23 financial year.
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The market liked the solid interim results and higher rewards for shareholders from two of the biggest ASX-listed Trans-Tasman companies - EBOS and Fletcher Building.
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Fletcher Building, one of Australasia’s biggest construction and building products groups, has confirmed a solid turnaround in the year to June, announcing a $NZ305 million profit.
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NZ-based Fletcher Building is returning to the list of companies paying dividends after a break of 18 months following a 48% jump in first-half profit.
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Similar results from two building giants yesterday - Fletcher Building, the Kiwi company, and James Hardie, the Australian-US business.
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UBS raises its target price for Fletcher Building to NZ$8 from NZ$7.85 and increases its rating to Buy from Neutral.
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UBS retains a Neutral rating which is under review. Target is raised to NZ$7.65 from NZ$6.55.
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Credit Suisse resumes coverage with an Outperform rating and $7.20 target.
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UBS observes Fletcher Building's share price is now sitting in line with pre-covid-19 levels, post some significant earnings upgrades with construction activity in New Zealand noting a rebound post-lockdown along with cost-saving initiatives by the company.
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For the 4 months ended October, operating income is up 55% versus last year led by revenue growth and margin expansion. Resilient activity levels in both New Zealand and Australia have helped the case, remarks UBS.
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