Z Energy cuts earnings guidance; shares fall 17%

Fri, 13 Dec 2019

Z Energy shares sank 17.3 percent after the firm cut its earnings guidance by about $40 million, citing tough retail competition and a contraction in margins expected at the Marsden Point refinery.The firm says its earnings before interest, tax, depreciation, amortisation and changes in financial instruments for the year ending March 31 will be between $350 million and $385 million, down from the $390 million to $430 million signalled in September.It also lowered its expected dividend to 40 cents, down from the 48-to-50-cent range provided thre...

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