Caltex 2018 profit guidance down 13 per cent on YoY basis

Company News

by Anna Napoli

Caltex (ASX:CTX) has released its unaudited profit guidance for the year ending 2018, showing a fall in profit year over year.

The petrol refiner and retailer's historic cost profit after tax (HCOP) outlook of $530 million to $550 million is down 13 per cent on last year.

Caltex expects fuels and infrastructure earnings (EBIT) to be in a range of $560 to $580 million, a decline of 14 per cent from $666 million last year.

The company says the fall in earnings is due to the impact of lower regional refining margins more than offsetting the strong underlying business performance.

However, the 2018 convenience retail earnings outlook of $295 to $305 million is above the guidance range provided in October.

The rise in convenience earnings comes on the back of falling crude and product prices in the fourth quarter.

Shares in Caltex Australia (ASX:CTX) are trading 7.2 per cent lower at $25.12.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.