No-Moat Fletcher Building Lowers Fiscal 2019 Guidance; FVE Unchanged and Shares Attractive
No-moat Fletcher Building has lowered its fiscal 2019 EBIT guidance, reflecting tougher-than-anticipated conditions within its Australian businesses. Fletcher now expects EBIT in the range of NZD 630 million to NZD 680 million in fiscal 2019, with the midpoint of the updated guidance range 6.5% below prior guidance provided in August 2018. While the New Zealand business is tracking Fletcher’s expectations, input costs are pressuring margins in Australia while volumes are also soft given falling ...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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