Improved Earnings in Challenging Fiscal 2018 For No-Moat Fletcher; Construction Outlook Lower
No-moat Fletcher Building delivered a satisfactory fiscal 2018 result in a challenging year, with underlying EBIT of NZD 710 million, up 35% on the prior year. Operating income was within the prior guided range of NZD 680 million–720 million and in line with our forecast of about NZD 710 million. While we've revised our near-term margin expectations lower, we still expect to see gradual margin improvement over the coming decade, to 9.5% in fiscal 2027 up from our forecast of 7.5% EBIT margins in...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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