FBU –10.87%: Another profit warning for the building supplies company today thanks to a challenging environment in the residential markets across both New Zealand and Australia for 2H24. FBU called out “weaker revenues and gross margin pressure” and noted that steel “end markets have been particularly soft.” That prompted a 10% downgrade to prior earnings before interest & tax (EBIT) guidance and they now expect NZ$500-$530m to be achieved in FY24 .
- The price action has been very poor in FBU for over a year, and as we often say, surprises generally happen with the trend. They now run the risk of needed more equity.
MM has no interest in FBU
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