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NRW Holdings shares rise after lift in profit

8:36am today

The news: Construction and mining contractor NRW Holdings has lifted its full-year profit and dividends on the back of strong order flow and flagged a positive outlook, sending its shares higher.

The numbers: Net profit for the year to June rose 22.7% to $105.1 million, while revenue was up 9.2% to $2.9 billion. The company lifted its final dividend to 9 cents a share, up from 8 cents a share a year ago.
NRW shares were up nearly 7% at $3.41 in early trading on the ASX.

The context: NRW CEO Jules Pemberton said the record results reflected the strength of the company’s different markets across Australia and North America. This was helped by public infrastructure expenditure remaining positive and major iron ore miners remaining committed to previously announced capital expenditure programs.
The company has an order book of $5.5 billion, and expects FY25 revenue around $3.1 billion with earnings likely to be between $205 million and $215 million.

Analysts backed the result with UBS calling it “a clean cash-backed result, with the margin improvement particularly pleasing.”
What they said: “Midpoint of guidance represents another year of 10% earnings growth which continues to present as attractive supporting our Buy thesis. Will be looking for further detail on the solid uplift in submitted tenders and work in pipeline,” UBS analysts said in a note.
The sources: ASX announcement, UBS Research