Caltex (CTX) under the pump
Stock
Caltex (ASX:CTX) $31.04 as at 28/08/2018Event
Caltex’s first half result missed market expectations and the stock has traded sharply lower throughout the morning. The numbers were weak, showing the falling appetite for premium fuel, lower refining margins and a soft retail sales result within the business which posted a first half profit of $296m, sneaking into the bottom end of guidance at $295-315m. Key to the result was convenience retail earnings falling 14% to $161m, while acquisitions in NZ and the Philippines were not enough to offset the issues.
