Boral Result In Line With Estimates With USA & Gypsum to Drive Upside in 2017; Lifting FVE to AUD 5
Boral delivered 2016 net profit after tax of AUD 256 million, flat on 2015. Like-for-like NPAT was up 8% to AUD 268 million, excluding AUD 12 million of restructuring charges. The result was in line with our expectations, although composition was varied: EBIT from USA bricks (up 633% on 2015) and gypsum (up 27%) surprised, partially offset by a more subdued performance in the core construction materials and cement division (up 4% excluding property earnings). EPS was up 12% to AUD 0.358 per shar...Boral manufactures and supplies building and construction materials in Australia, the U.S. and Asia. Co.'s segments are: Construction Materials & Cement, consisting of quarries, concrete, asphalt, transport, landfill, property, cement and concrete placing; Building Products, consisting of Australian bricks, roofing and masonry, and timber products; Boral Gypsum Joint Venture, which manufactures and sells plasterboard and associated products; and Boral USA, consisting of bricks, cultured stone, roof tiles, fly ash, concrete and quarries. The primary end use markets for Co.'s products include residential and non-residential construction and the engineering and infrastructure markets.
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