Austal increases revenue guidance to $1.9b

Ship builder Austal (ASX:ASB) have increased their expected revenue for the year from $1.3–$1.4 billion to $1.9 billion.

The increase in projected revenue is due to a greater number of Littoral Combat Ships in the US – two in September 2018 and two in December 2018.

This is led to higher than expected procurement levels in FY2019.

They also had better than expected progress in the construction of the previously awarded LCS ships, increased volume in Vietnam following the completion of the new shipyard and a contract for a new ferry.

Also securing additional leased shipbuilding facilities in Western Australia helped in the boost.

Shares in Austal (ASX:ASB) closed flat at $2.00 on Friday.


Source link Finance News Australia

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