REPORTING SEASON: Brambles (BXB)
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Figure 1: Brambles 12 month chart
Pallet provider, Brambles Limited (BXB) has released its FY13 results. Brambles full-year net profit rose 11%, in line with our own and the company’s guidance, but below most analysts’ expectations.
The lift in income was driven by its American pallet business and expansion of its global crates unit.
BXB’s American pallet division continues to win new business and posted an 8% lift in earnings that boosted overall pallet revenues by 5%.
Brambles operating cash flow improved in the 2H and the company is looking at growing its operational efficiencies especially in its pooling solution business.
De-merger plans for Recall are on track for completion by December.
Brambles said today it expects FY14 underlying profit of US$930 to US$965Million (4 to 8% growth) not accounting for the de-merged Recall business. BXB will pay a $0.135 dividend per share (in Australian cents), the 13th of September 2013.