Despite diversity and scale, Fletcher Building's earnings still hostage to the construction cycle
No-moat Fletcher’s first-half fiscal 2018 results showed good revenue growth, as demand for building materials was strong across key markets. Unfortunately, revenue gains did not translate to earnings, as margins came under pressure. Our fiscal 2018 estimates were conservative, and so we see only a small NZD 2 million decline in our adjusted EBIT estimate to NZD 12 million (including charges) and adjusted loss per share to NZD 13 cents. No interim dividend was declared, and we now assume that no...Fletcher Building is a holding company. Through its subsidiaries, Co. operates in six divisions: Heavy Building Products, which manufactures, distributes and markets heavy construction material; Light Building Products, which manufactures a range of building products for residential and commercial markets; Laminates and Panels, which manufactures and distributes decorative surface laminates; Distribution New Zealand and Distribution Australia, which consist of building, plumbing, pipeline and steel distribution businesses in Australia and New Zealand; and Construction, which is a general contractor in New Zealand and the South Pacific and a builder of residential homes in New Zealand.
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