Positive outlook commentary at the CSR Annual General Meeting has been well received by investors with the stock up 3.1% today
Positive outlook commentary at the CSR Annual General Meeting has been well received by investors with the stock up 3.1% today. Managing Director Rob Sindel provided upbeat remarks on housing approvals and new home starts - which on a 180,000 new starts run rate is at near record highs. From an earnings perspective Sindel reported improvements across nearly all of the companies divisions including Building Products, Veridian, Aluminum and Property. In particular the Building Products division returned a strong result which was accompanied by upbeat outlook remarks. These are some quotes from the AGM: Building approvals for both detached and multi-residential housing continue to grow strongly...This is very encouraging news for CSR, after several years of relatively weak demand. Our Building Products businesses will also benefit from expansion into new markets through recent acquisitions and the product development opportunities which should see earnings improve again this year. (VIEW LINK)
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