Orica Shares Tumble on Earnings Drop, Cautious Outlook
Shares in Orica (ORI.AU) have tumbled 9% in Monday morning trading after the explosives and chemicals maker reported a drop in full-year 2017 revenue and also issued a cautious outlook for the year ahead.
Revenue for the 12 months ended September 30, 2017 fell 1% year-on-year to AUD5.04, while earnings before interest, tax, depreciation and amortization also fell 1% to AUD896.3 million. Despite the weaker-than-expected results the company, which supplies explosives to miners, declared a final dividend of 28 centsper share, bringing the full year dividend to 51.5 cents per share.
Orica CEO Alberto Calderon said:
Calderon was cautious on the outlook for the next 12 months:
Orica shares were recently trading at AUD19.52 a share, up 9.6% year-to-date.