Australia's Adbri jumps after raising earnings forecast

Adbri

15/12/2023 04:03

(Updates with Citi's comments)
    ** Shares of Adbri  ABC.AX  rise as much as 11% to A$2.320,
its biggest intraday pct gain since May 25 
    ** Construction material co says cost and timing remains on
track for Kwinana Upgrade Project in Western Australia
    ** Co hikes FY23 EBITDA forecast to A$310 mln-A$315 mln and
cuts capital expenditure forecast to A$310 mln-A$320 mln range  
  
    ** Analysts at Citi view the forecast upgrade by co as
"positive"
        ** Citi sees industry pricing for construction materials
holding higher-for-longer, which would help co going forward
  
    ** Jefferies says capex expectations positive for ABC after
series of capex blowouts at Kwinana 
        ** Brokerage adds strong demand in H2 FY23 shouldn't be
surprise on building pipeline and inflationary background for
construction
    ** Stock hits its highest level since Aug 30
    ** Stock up 26.3% YTD, as of last close   

    ($1 = 1.4921 Australian dollars)

 (Reporting by Rajasik Mukherjee and Roshan Thomas in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))