Austal increases revenue guidance to $1.9b

Company News

by Rachael Jones

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.

 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.