Brambles Lifts Lower End of Fiscal Year Guidance Ranges on Strong 1Q
By Stuart Condie
SYDNEY--Brambles Ltd. raised the lower end of its fiscal 2021
revenue and earnings guidance ranges after unexpectedly strong
demand for consumer staples helped the pallet supplier to lift
first-quarter sales revenue by about 6%.
The Australia-listed firm on Tuesday reported sales revenue from
continuing operations for the three months through September of
US$1.19 billion, up by about 6% when adjusted for the prior
corresponding period's two additional days. Stripping out currency
changes, it said the increase was about 5%.
Brambles said it now anticipates fiscal 2021 sales revenue
growth of 2-4% at constant foreign exchange rates, compared with
the 0%-4% range provided at August's annual result and reiterated
at October's annual meeting of shareholders. It expects improved
underlying profit margins, including a one percentage-point
increase in U.S. margins.
It expects underlying profit growth of between 3% and 5%,
compared with a previous 0-5% range. It said free cash flow should
be sufficient to fund dividends and core business capital
expenditure despite increased investments to support new core
Write to Stuart Condie at firstname.lastname@example.org
(END) Dow Jones Newswires
November 02, 2020 18:11 ET (23:11 GMT)
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