Fisher & Paykel shares have plunged the most in almost 15 months in Wellington trading after reducing its earnings forecast because of deteriorating operating conditions.
Fisher & Paykel fell 8.8% to 52 New Zealand cents, the biggest decline since September 25, 2009. The stock earlier tumbled as much as 12 percent.
Earnings before interest and taxes at the appliances unit will be NZ$15 million ($11 million) to NZ$25 million in the year ending March 31, the Auckland-based company said in a statement today. That’s less than a previous forecast of NZ$28 million to NZ$35 million, according to a company presentation on November 26.
Operating results for the appliances business were less than expected in November and included a number of unfavorable one-time items, the company said, without providing additional details.