Sharechat Logo

Steel & Tube confirms it will meet downgraded guidance

Wednesday 31st July 2019

Text too small?

Steel & Tube Holdings has affirmed it will meet the downgraded guidance it provided in late May for the year ended June.

The company says it confirms earnings before interest and tax will come in at $15.5-$17.5 million compared with a normalised $16.5 million the previous year. The May guidance was down from $25 million.

“Market share and volume gains have led to an increase in revenue, disciplined cost management has seen operating costs reduce and the company has a strong balance sheet with net debt reduced to $15 million,” the company says in a brief statement.

It will report the actual results on Friday, Aug. 23.

Steel & Tube shares ended trading yesterday at 87 cents and are down more than 35 percent from a year ago.

(BusinessDesk)

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress
MARKET CLOSE: NZ shares dip on eve of major regulatory decisions
NZ dollar sees off global headwinds, holds above 65 US cents
NZ dollar holds above 65 US cents; dairy auction prices mixed
Dairy index falls on weaker butter, milk fat demand
MARKET CLOSE: NZ shares join global decline; US tariff move weighs on exporters

IRG See IRG research reports