News: Austal lifts FY profit forecast

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Austal Limited (ASX:ASB) has lifted its full-year earnings guidance, thanks to research and development tax credits from prior years.

 

Austal says it expects net profit after tax in the range of $35 million to $40 million, up from a previous target range of between $23 million and $26 million.

 

Austal also reaffirmed its full-year EBITDA will come in between $65 million and $71 million, which it says is exclusive of the impact of stock boats.

 

CEO Andrew Bellamy says while the tax credits are a benefit to the bottom line, the company has also sustained operational improvements and efficiencies across the business.

 

Austal generated a net profit of $5.4 million in the first half of the 2013 financial year.