Fletcher Building will kick off its $NZ300 million on-market share buyback next Monday, September 9Fletcher Building will kick off its $NZ300 million on-market share buyback next Monday, September 9.
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Fletcher Building (FBU) says it’s back in profit and paying dividends after the first of its five-year turnaround strategy.
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Fletcher Building will use some of the money raised from the sale of its Formica business to run a $NZ300 million buyback once the 2018-19 annual results are released in August.
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Fletcher building is looking at big losses from its Australian operations after a clean out and restructuring.
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New Zealand building products and construction company Fletcher Building has cut its profit guidance for the 2018-19 financial year after selling its global Formica coatings business.
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The company has downgraded its underlying earnings (EBIT) outlook for FY19 by -NZ$30m, the result of a disappointing Australian division. Given the sharp decline in Australia, management's view that FY19 was a successful year is a surprise to Deutsche Bank.
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Fletcher Building has completed the sale of Formica and disclosed the contribution to FY19 guidance, updating for timing and variations. New guidance range is NZ$620-650m, with a -1.6% downgrade at the midpoint from prior guidance.
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The company has updated guidance at its AGM, revising FY19 operating earnings (EBIT) down to NZ$630-680m, which is a -6.5% reduction on Morgan Stanley's forecasts.
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Fletcher Building has withdrawn its proposal to acquire Steel and Tube following that company's decision to reject the upgraded offer.
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The company has made a non-binding, indicative and confidential offer for Steel & Tube at NZ$1.70 a share. The Steel & Tube board has stated that the offer significantly undervalues the company.
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