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Austal Provides Earnings Guidance Update

15 Jun 2021  |  09:24:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Earnings Guidance Update

Austal advised that it expects the Company's Earnings Before Interest and Tax (EBIT) for FY 2021 will be in the range of $112m to $118m, with reduced revenue of $1.55bn. The change from the previously issued guidance of $125m EBIT and revenue of $1.65bn for FY 2021 is due to delays experienced on programs and associated costs caused by Covid-19 related border closures, travel restrictions and resourcing challenges that are impacting Company's shipbuilding operations in Australia and the Philippines, as well as the requirement to provision for expected future expenses associated with civil penalty proceedings commenced by ASIC in the Federal Court of Australia.

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