Austal upgrades FY guidance

Group flags higher full-year net profit after research and development tax credits; affirms full-year EBITDA guidance.

Austal Ltd upgraded its full-year earnings guidance after flagging the non-cash recognition of research and development tax credits from prior years.

In a statement to the Australian Securities Exchange, Austal said it expects net profit after tax in the range of $35 million to $40 million, up from a previous target range of between $23 million and $26 million.

Austal also reaffirmed its full-year earnings before interest, tax, depreciation and amortisation (EBITDA) will be in the $65 million to $71 million range, which it said was exclusive of the impact of stock boats.

“While the tax benefit is a boost to our bottom line, it is simply the recognition of non-cash tax credits from prior years," chief executive Andrew Bellamy said.

"It is pleasing however that the operational improvements and efficiencies that management and staff have driven across our businesses have been sustained throughout the year.”

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles