Steel & Tube has provided an updated earnings guidance for the six-month period ending on Dec 31 2023, expecting its half-year financial results to be at the top end of the previous guidance.
The company now anticipates normalised earnings before interest, tax, depreciation and amortisation (EBITDA) of approximately $22 million, and normalised EBIT (earnings before interest and tax) slightly above $11m.
Steel & Tube's improved performance is attributed to its strong performance in the current soft economic conditions.
The company also ended the half-year with no bank debt and a positive cash balance of around $26m, representing a $20m improvement from June 30 2023.
Steel & Tube's updated unaudited earnings guidance does not include the review by its external auditors.
The company is set to release its half-year results on Feb 20 2024.
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