Brambles Ltd

BXB: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$53.00	Fzpj	Hzptvzkd

Brambles Earnings: Pricing and Pallet Recovery Offsets Inflation and Volume Declines

Mathew Hodge , Esther Holloway

Aug 30, 2023

Brambles' fiscal 2023 constant-currency sales growth of 14% was reflective of pricing increases and operating efficiency, despite lower volumes. Volume declined by 2% lower versus the prior corresponding period, or PCP, with a pallet shortage in the first half, and customers holding less inventory than in the prior year. Underlying profit of USD 1 billion was 19% higher than the PCP on a constant-currency basis, with improved pricing offsetting cost inflation. Brambles declared a final fiscal 2023 dividend of USD 14 cents per share, for full-year dividends totaling USD 26.25 cents per share, 35% franked.

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