Austal Limited
(ASX:ASB) has announced an underlying profit after tax of $32.7M, driven by a significant turnaround in US operations and improved operational efficiencies.
Revenue came in at $1.31B, down slightly on FY16’s $1.34B.
Underlying EBIT came in at $58.7M, exceeding EBIT guidance provided in July, driven by the Littoral Combat ship program in the US.
Earnings from the Australian and Philippines shipyards were subdued, however both yards are expected to increase as the current order book matures into profitable activity.
Austal will pay a final dividend of 2 cents per share.
Shares in Austal Limited
(ASX:ASB) last traded 1.4% lower at $1.77.
