Freightways Trading Outlook
2013 Full Year Forecast Result
Following review of its recent trading, Freightways expects to announce a record Earnings (operating profit) before interest, tax and amortisation (EBITA) result of approximately $65 million, an increase of approximately 5% compared to the prior year and a Net Profit after tax (NPAT) result of approximately $38 million, an increase of approximately 6% above the prior year. This forecast result is subject to external audit and any closing adjustments and excludes the $1 million non-recurring benefit of reversing an accrued acquisition earnout payment, as described below.
EBITA and NPAT amounts used in calculating the movements between periods exclude the following non-recurring items:
- Full Year 2012 EBITA included $1.459 million and NPAT $1.050 million relating to Christchurch earthquake insurance claim proceeds.
- Full Year 2013 EBITA includes $1 million and NPAT $1 million relating to the reversal of an accrued acquisition earnout payment.
The Directors believe that the non-recurring items detailed above should not be included when assessing the underlying operating performance of the Company.
2014 Full Year Forecast Outlook
Freightways currently expects its overall EBITA and NPAT improvement in 2014 to be similar to the approximate 5% EBITA improvement and 6% NPAT improvement anticipated in the 2013 results noted above. This expected performance is consistent with Freightways most recent outlook comments that it expects to be operating in a positive but slow growth environment for the foreseeable future.
The consensus of external analysts in respect of 2014 forecasts a 7% EBITA and 10% NPAT result above Freightways’ expected 2014 results. Freightways expects analysts will review their 2014 forecasts to more closely reflect Freightways’ current operating performance.
Freightways’ expected 2013 Full Year result again delivers sound improvement above the prior year. Based on Freightways’ current forecasting, 2014 is expected to also demonstrate similar overall improvement.
For further information please contact:
Ph: (09) 571 9670
Fax: (09) 571 9671