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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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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