Financial Wire

Fletcher Building Says Fiscal Q3 Volumes Signal Early Recovery Across Portfolio

-- Fletcher Building (ASX:FBU, NZE:FBU) reported modest improvements in key product volumes for the fiscal third quarter, with gains in light building products and distribution partially offset by continued weakness in heavy materials and residential activity, according to a Thursday filing with the New Zealand bourse.

The company's March quarter volumes for its residential unit fell 24% from a year earlier, while volumes rose 6.6% for its distribution unit, and mostly declined across its heavy building materials segment, whereas its light building products segment showed mixed to modest growth overall, per the filing.

The company noted that rising global risks linked to the Middle East conflict are increasing fuel and material costs, which it is managing through hedging, pricing actions, and diversified sourcing, but early signs of softer construction demand are emerging, the filing added.

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