CSR's Balance Sheet Impeccable as Downturn in Australian Residential Construction Accelerates
While lost market share in roofing product categories and softer-than-expected aluminium earnings saw no-moat CSR’s fiscal 2019 full-year earnings come in below our forecast, we’re unsurprised by the direction as earnings come off a cyclical high. Net income of AUD 178 million, inclusive of the discontinued Viridian Glass operations, was around 7% short of our forecasts. Australian residential construction activity continues to cool in 2019. The recent pace of decline in housing starts has been ...CSR is engaged in the manufacture and supply of building products in Australia and New Zealand. Co. operates in four segments, Building Products, Glass, Aluminium and Property. The Building Products segment consists of Lightweight Systems, Insulation, AFS walling systems, Bricks, and Roofing. The Glass segment includes the operations of Viridian, an architectural glass provider and manufacturer of float glass and hardcoated performance products. Products from the aluminium business include aluminium ingot, billet and slab.. The Property segment sells former operating sites.
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