Fletcher Building lowers Ebit guidance amid 'tough trading conditions'

Fletcher Building lowers Ebit guidance amid 'tough trading conditions'
(Image: Getty)
Staff reporters
Fletcher Building shares opened down 13% after it lowered its earnings guidance because of tough trading conditions, price competition and softer sales. It now expects earnings before interest and taxes (Ebit) to be between $500 million and $530m in the year to June 30. That includes $10m to $15m of restructuring costs related to cost-out initiatives. The financial year ends June 30. A range of $540m and $640m was provided in interim results in February.The shares were trading at $3.05 at 10.15am. The shares have fallen 30%...

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