Australia's Boral hits record high on upbeat HY results, outlook

Boral

08/02/2024 23:52

(Adds milestone, analyst comments)
    ** Shares of Boral  BLD.AX  jump as much as 12.8% to hit a
record high of A$6.100
        ** Stock posts biggest intraday pct gain since Feb 8,
2023, and is biggest gainer in the benchmark S&P/ASX 200  .AXJO 
index
    ** The building materials maker sees underlying EBIT in
range of A$330 mln to A$350 mln in FY24, compared with an
earlier estimate of A$300 mln-A$330 mln 
    ** Posts a 36% jump in its HY net profit to A$122.0 mln
($79.23 mln)
    ** Says HY net revenue of A$1,839.9 mln, up 9.4%
    ** Co to not pay a dividend for HY 
    ** Expects volume trends to remain unchanged in the second
half 
    ** We are still surprised how rapidly management have been
able to control costs while still participating in industry
pricing - UBS 
        ** Citi says HY underlying EBIT of A$201 mln was around
20% and 25% ahead of its and Visible Alpha consensus,
respectively
        ** About 4.4 mln shares exchange hands vs the 30-day
average of 1.1 mln shares
    ** BLD stock up 0.4% YTD, as of last close 

    ($1 = 1.5399 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))