Australia's Brickworks soars on underlying profit beat, higher dividend
Annual underlying profit beats consensus estimate
Final dividend 43 Au cents/share vs. 42 cents prvs year
Shares rise as much as 9%, biggest jump since early June 2021
Recasts, adds shares and details on underlying results throughout
Sept 26 (Reuters) -Shares of Brickworks BKW.AX soared 9% on Thursday after Australia's largest brick manufacturer reported underlying annual profit ahead of estimates and declared a higher final divided, even as building activity slowed across key markets.
Underlying net profit after tax fell 88% to A$61.2 million ($41.82 million) for the year ended July 31, but was ahead of the Visible Alpha consensus estimate of A$32.3 million.
Price hikes and improved productivity helped the Sydney-based firm log higher underlying earnings from its building products operations in Australia and North America, despite challenging market conditions.
Shares of the company rose as much as 8.95% in their biggest intraday gain in more than three years, as of 0042 GMT, and were the top performer on the ASX 200 benchmark index .AXJO.
On a statutory basis, Brickworks swung to a net loss after tax of A$118.9 million, compared to a profit of A$394.7 million a year earlier, as it recorded impairments related to its property and building products segments.
Its Austral Masonry and Brickworks North America businesses scaled back production in the second half of the year due to weaker demand, resulting in a delay in realising the benefits of investments and plant rationalisation activities.
"We are now moving through a cyclical low in building activity, with residential approvals in Australia at the lowest level for more than a decade," Brickworks CEO Mark Ellenor said in a statement.
"As such, we are planning temporary plant closures throughout FY25 to undertake maintenance and control inventory."
The company, however, said it was well placed to deliver strong returns when market conditions improve in the medium term.
It declared a final dividend of 43 Australian cents per share, higher than 42 cents a year earlier.
($1 = 1.4635 Australian dollars)
Reporting by Himanshi Akhand in Bengaluru; Editing by Shounak Dasgupta and Subhranshu Sahu
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