Shares in GUD tanked after the appliance and automotive parts maker wound back its full year earnings guidance following a poor performance from Sunbeam and Dexion brands.
A short time ago, GUD shares were down more than 11% to $7.03.
In its half year results, the company posted profit of just $1.7 million, down from $17.3 million.
The result includes $18.5 million of after tax impairment costs, mostly goodwill in Dexion’s industrial and office storage equipment.
Underlying profit after tax was up 11% to $19.6 million and the company maintained its fully franked dividend at 20 cents.
GUD is expecting full year underlying EBIT (earnings before interest and tax) of between $82 million to $88 million. This compares with previous guidance of about $90 million.
Sales and margins will improve from February 1 when Sunbeam prices rise an average 8%.
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