Brambles' FY earnings miss
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Pallet supplier Brambles (BXB) has posted a strong lift in full-year profit on lower operating costs and a modest lift in revenues, but fell short of market expectations.
Brambles' net profit grew 11% to $US640.6 million ($ million) in the six months to June 30, up from $US576.3 million in the previous corresponding period, largely on a reduction in operating costs.
However, analysts had pencilled in around $678.7 million in net profit for the period.
Further, Brambles set guidance for 2013-14 for between $930 million and $965 million, when analysts were forecasting around $1.043 billion.
Revenue increased 5% to $5.88 billion in the period, from $5.62 billion in the prior year.
It will pay a final dividend of 13.5 cents, 30% franked, up slightly on the 13 cents paid last year.
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