Cavalier shares fall after carpet-maker warns earnings will be at bottom of guidance

Tue, 18 Jun 2013

By Paul McBeth June 18 (BusinessDesk) - Shares in Cavalier Corp fell 1.8 percent after the carpet-maker warned annual earnings will be at the bottom end of guidance, and signalled a $1 million cash hit as it consolidates its tufting operation. The Australian operating environment “remains very subdued” and normalised earnings will be at the bottom end of the $6 million to $10 million forecast for the year ending June 30, the Auckland-based company said in a statement. It cut the annual guidance in November from expected earnings of between...

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