Fletcher Building has lowered its earnings guidance for the 2024 financial year, citing weaker market conditions.
The company now expects its earnings before interest and tax (EBIT), excluding significant items, to be in the range of $500 million to $530m, which includes restructuring costs of $10m to $15m.
This is a decrease from the previous guidance range of $540m to $640m.
Fletcher Building said the updated guidance is primarily driven by challenging conditions in the distribution division, a sharp correction in the Australian residential market, and weaker revenues in certain building products businesses.
The company anticipates that market conditions will remain difficult in both New Zealand and Australia in the near term.
Fletcher Building will host a conference call today to discuss the announcement.
See more
