Midway Limited (ASX: MWY), Australia’s largest wood fibre processor and exporter expects to achieve consensus earnings forecasts for the FY18 financial year despite lower than expected earnings for the first half.
The first half of the financial year is traditionally weaker than the second half however a slight delay in export shipments has now meant the first half of FY18 will be lower than the first half in FY17. However, the slippage of these two shipments into the second half and better trading conditions are expected to offset the lower earnings in the first half.
Tony Price, Midway Limited CEO, said Midway had previously flagged the timing of key vessel shipments could affect earnings: “We now expect lower first half earnings than originally forecast due to delayed export shipments, and a stronger than expected Australian dollar, but we remain confident about our full year outlook.”
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