BLD +8.47%: FY results were out for the building materials company, coming in well ahead of the market with a particular surprise on margins. Revenue grew 17% while EBIT more than doubled as EBIT margins climbed from 3.8% to 6.7% for the year, and an impressive 7.7% in the second half. Guidance was also strong, expecting EBIT of $270-300m in FY24 while consensus had the lower end pencilled in. While the building industry may be faced with a slide in demand if economic growth slows, Boral has vastly improved their business with cost control while having a strong footprint driving pricing power as well.
- Overall, a great result and shares deservedly hit long-term highs today.
MM prefers other stocks in the sector
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