NRW’s quasi downgrade

Was it a profit downgrade or wasn’t it? The market shows no signs of confusion, marking NRW’s share price down 17% as it announced that profits for the full year were likely to be lower than last year. Rather than the $1.0-1.2bn in full-year revenue previously forecast, management indicated that revenue would be lower and it had only secured $800m of work to date. Earnings, said management, would be significantly lower. Yet this was no ordinary profit downgrade. NRW’s largest contract is a $620m earthworks project at the Roy Hill iron ore mine. That contract is already 87% complete but NRW...

Was it a profit downgrade or wasn’t it? The market shows no signs of confusion, marking NRW’s share price down 17% as it announced that profits for the full year were likely to be lower than last year.

Rather than the $1.0-1.2bn in full-year revenue previously forecast, management indicated that revenue would be lower and it had only secured $800m of work to date. Earnings, said management, would be significantly lower.

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