Cavalier cuts 2017 earnings guidance citing tough Australian trading, depressed wool market

Mon, 06 Feb 2017

By Jonathan Underhill Feb. 7 (BusinessDesk) - Cavalier Corp cut its 2017 guidance, and is now projecting no earnings growth, because of difficult trading conditions in Australia and "an increasingly depressed" wool market. Normalised earnings in the year ending June 30 are expected to be "close to breakeven", the Auckland-based company said in a statement. In November the carpet maker and wool scourer forecast normalised profit of $3 million to $5 million, a decline of as much as 52 percent compared with 2016, to reflect one-time costs to...

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