Fisher & Paykel Appliances shares (NZX:FPA) have fallen 10.5%, dropping 6c to 51c after a profit warning. The company today revised down its full year earnings guidance for the appliances' business as a result of "deteriorating" retail
Fisher & Paykel Appliances shares (NZX:FPA) have fallen 10.5%, dropping 6c to 51c after a profit warning.
The company today revised down its full year earnings guidance for the appliances' business as a result of "deteriorating" retail trading conditions.
F&P's trading result was below expectations in November, although this did include a number of unfavourable one-off items.
In addition to weaker demand for F&P's products, market conditions have also adversely affected F&P's third party component and technology sales.
If the earnings trend in November continues, F&P's full year earnings before interest and taxation will be between $15 million and $25 million.
However, the company says earnings before interest and taxation for Fisher & Paykel Finance is expected to remain unchanged at around $35 million.
Market conditions were expected to remain "challenging and unpredictable" in the near term, with F&P Appliances lowering its full year ebit to a range between $63m and $70m from an earlier estimation around $78m (for both businesses combined).
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