BLD: +12.78%: A big beat from Boral today reporting 1H23 underlying net profit after tax (NPAT) of $57m, a big beat to the $37m consensus. It seems they had success pushing through higher prices while also growing volumes, a Kerry Stokes strategy that some in the market questioned given the prevailing economic backdrop – but he certainly knows what he’s doing! Volumes were up 4% with nearly all segments contributing while group revenue growth of 12% shows the success they had during the period. Margins were better (5.7% v 4.1% expected) and therefor profit was strong. They guided for flat HoH earnings (EBIT) which seems conservative. A great result and a solid read-through for others in the space.
MM is neutral/mildly bullish BLD
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