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Global property giant Lendlease has managed to drag its earnings back into black but says many major projects continue to be disrupted by the pandemic. ....
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Lendlease’s Earnings Visibility Shrouded Jul 07 2021 Successful cost reductions and divestments could provide desperately needed visibility to Lendlease’s value following last week’s profit warning, but brokers want greater clarity over future earnings drivers -Brokers suspect there’s more negative news ahead for Lendlease -Clarity needed on future operational performance -Review expected to target major cost savings -Potential for re-rating over medium term By Mark Story Given that Lendlease Group’s ((LLC)) first half to December 2020 core $205m net profit after tax was below consensus expectations of $213m, the global property developer’s profit warning issued on 1st July shouldn’t have been too much of a shock for the market. ....
Lendlease issues earnings downgrade as COVID-19 bites Save Share Global development giant Lendlease has issued a sharp downgrade of its operating earnings guidance to between $375 million and $410 million, in the first big move to clear the decks by newly appointed chief executive Tony Lombardo. Driving the downgrade is the ongoing impact of the COVID-19 pandemic on Lendleaseâs operating business, particularly in the UK, as well as the status of its non-core business, the company said. Incoming chief executive Tony Lombardo has embarked on a wide-ranging review of operations. Â Arsineh Houspian While Lendlease does not typically issue earnings, market consensus was for an operating profit of around $460 million. ....