Brambles Lifts Dividend, Fiscal Year Outlook as 1st Half Profit Rises 21%

By Stuart Condie

SYDNEY--Brambles lifted its dividend and full-year outlook after the pallet supplier's first-half profit rose by 21% amid price rises and easing lumber prices.

The Australia-listed company, which reports in U.S. dollars, on Friday reported an underlying profit for the six months through December of $664.7 million. That was up 19% once currency moves were stripped out.

Sales revenue from continuing operations rose by 12% to $3.23 billion, also on a constant-currency basis. On a statutory basis, Brambles reported a net profit of $391.3 million, up 15% on year at constant FX rates.

The average analyst forecast had been for a statutory net profit of $384.9 million off revenue of $3.27 billion, according to data compiled by FactSet.

Brambles now expects underlying profit to rise by 13-15% at constant currency rates for the full 2024 fiscal year, which began on July 1. It previously flagged a 9-12% rise.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

02-22-24 1638ET