Cavalier shares drop 10% after profit warning

Fri, 24 Oct 2014

By Paul McBeth Oct. 24 (BusinessDesk) - Shares of Cavalier Corp dropped 10 percent after the carpet maker warned it will probably miss earnings guidance due to a strong kiwi dollar against its Australian counterpart and a high price of wool. The stock fell 10 cents to 90 cents after the Auckland-based company said normalised annual profit in the 2015 financial year will probably fall short of its forecast for a "modest increase" to the $5.8 million result it posted in 2014. First-quarter trading volumes were consistent with the same perio...

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