Fletcher shares dive 5.9% after earnings downgrade

Fletcher shares dive 5.9% after earnings downgrade
Jenny Ruth
Fletcher Building has downgraded its full-year guidance and said its first-half operating profit was up 8%.Earnings before interest and tax (Ebit) for the year ending June are now expected to come in between $800 million and $855m, down from its previous guidance of $855m or more, and the company said this reflects bad weather in January and February.Fletcher shares fell 5.9%, or 32 cents, to $5.10 in early trading.Ebit for the six months ended December came in at $360m, up from $332m in the year-earlier first half, while its Ebit margin was 8....

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