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New Zealand's Fletcher Building cuts earnings guidance
March 19, 2017 / 7:58 PM / 9 months ago

New Zealand's Fletcher Building cuts earnings guidance

WELLINGTON, March 20 (Reuters) - New Zealand’s Fletcher Building Ltd on Monday cut its earnings guidance by about 13 percent and said losses had mounted at two major construction projects.

The company said in a statement it expects full-year operating earnings to be between NZ$610 million and NZ$650 million ($428-$456 million), compared with a NZ$720-740 range forecast a month ago.

“The revised guidance is due to the identification of additional estimated losses and downside risk in the Buildings and Interiors business unit of the Construction division,” the statement said. ($1 = 1.4265 New Zealand dollars) (Reporting by Tom Westbrook)

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