BLD +8.32%: the building products company beat expectations, surging to long-term highs on a strong 1H result. Revenue was in line, however, EBIT was a strong ~25% beat to expectations, up 111% to $201m. While cost control was solid (SG&A +3% vs revenue +9%), the bulk of the beat came down to stronger than forecasted margins out of the quarry business while the other segments of their operation were broadly in line or a miss. Despite upgrading guidance for FY24 (EBIT guidance +4% vs previous expectations), the company is effectively guiding to a 2H miss given the strong 1H numbers announced today.
MM is neutral BLD, having missed the boat for now
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