Australia's Boral sees best day in 8 months after HY results beat expectations

Boral

08/02/2023 24:00

** Shares of construction materials maker Boral Ltd  BLD.AX 
rise as much as 12.2% to A$3.95 - set to mark their best day
since June 2022, if gains hold 
    ** BLD is currently the top gainer on the Australian
benchmark  .AXJO  as of 2343 GMT
    ** Co posts HY revenue of A$1,681.1 mln ($1.17 bln) and EBIT
of A$95.3 mln, up 12% and 15%, respectively, from a year ago
    ** Brokerage Citi says results were a "strong beat" and
revenue was 5.5% better than estimates; combined with a 70 bps
better margin, the produced EBIT materially better than
expectations 
    ** Boral sees outlook for 2H FY23 EBIT to be broadly in line
with 1HFY23 which Citi says implies to be 5% better than
consensus
    ** Stock has fallen 19.4% in 2022; up 21.8% YTD, since last
close 
($1 = 1.4376 Australian dollars)
 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))