Fletcher shares dive after earnings downgrade

CEO Ross Taylor said bad weather is heavily impacting results. (Image: NZME)

Mon, 13 Feb 2023

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 is 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 as much as 5.9%, or 32 cents, to $5.10 in early trading on Monday but ended at $5.13 at market close. Ebit for the six months ended December came in at $360m, up from $332m...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

Market up despite a2 demotion and Restaurant Brands bid

The S&P/NZX 50 Index closed up 0.23% or 30.41 points to 13,307.40.

Tom Raynel 15 Oct 2025

Primary Sector

Jarden downgrades A2 Milk to underweight

Analysts nudge up their 12-month target price for A2 to $7.85 from $7.80.

Rebecca Howard 15 Oct 2025

Jarden downgrades A2 Milk to underweight

Finance

Sharesies unleashes crypto coins on platform

The average spend during the beta launch has been about $1,000.

Gregor Thompson 15 Oct 2025

Sharesies unleashes crypto coins on platform

Sponsored

NZ stakes claim in data future

Hosting data onshore with Snowflake boost trusts, speed and sovereignty.

Snowflake

Sponsored

Diversification has never been more important, says award-winning fund manager

Harbour Asset Management

More Infrastructure

Infrastructure

'Meth' ministry moves: staffing data sought for four-way merger

Work is progressing on a four-ministry merger with the pejorative nickname ‘Meth’.

Dileepa Fonseka 14 Oct 2025

Infrastructure

Aratere sold for scrap, price deemed commercially sensitive

The Aratere ferry has been sold to a specialist recycling shipyard in India for an undisclosed amount.“Details of the sale price are commercially sensitive,” Duncan Roy, executive general manager of Interislander, said. The ferry was retired last August to make way for the port...

Rebecca Howard 10 Oct 2025