Cavalier raises 2016 earnings guidance on better performance from broadloom carpets

Fri, 24 Jun 2016

By Paul McBeth June 24 (BusinessDesk) - Cavalier Corp shares jumped to a 19-month high after the carpet maker raised 2016 earnings guidance as its broadloom carpets unit outperformed expectations and it sold an unprofitable carpet tile operation. Post-tax normalised earnings are expected to be $6 million in the 12 months ending June 30, up from $1 million a year earlier, and ahead of the $3 million-to-$5 million range forecast at the November annual meeting. Net profit will be about $2.4 million, including restructuring costs associated...

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