Forge casts cautious outlook
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Shares in engineering contractor Forge Group dipped this morning as the outlook given at its annual general meeting highlighted the increasing near-term earnings risk from project deferrals.
The stock dipped 4 cents, or 0.8%, to $4.84, after management warned that project delays are becoming more common and that domestic markets are slowing and becoming more competitive.
We highlighted the risk of a sombre outlook at Forge’s AGM this morning, which could see consensus earnings estimates for 2013-14 pared back.
However, the dip could be seen by some as a buying opportunity due to the group’s strong balance sheet, good track record and strong order book of $1.8 billion, which provides earnings visibility beyond 2014-15.
Management said it will provide guidance for the current financial year in November. Forge is part of the Uncapped 100.
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