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Austin Engineering ( (AU:ANG) ) has shared an update.
Austin Engineering has identified accounting errors in its FY24 financial statements related to its Chilean subsidiary, Austin Ingenieros Chile Ltda, which led to overstated revenue and profit figures. To address this, the company will restate its FY24 financials, resulting in a decrease in reported revenue and EBIT for that year, while FY25 projections will see an increase. The adjustments are not expected to materially affect Austin’s overall financial position, as they involve reallocating revenue recognition to the correct financial year. The company is reviewing its processes to prevent future errors, focusing on compliance and internal controls.
The most recent analyst rating on (AU:ANG) stock is a Buy with a A$0.70 price target. To see the full list of analyst forecasts on Austin Engineering stock, see the AU:ANG Stock Forecast page.
More about Austin Engineering
Austin Engineering is a global engineering company that has been partnering with mining companies, contractors, and original equipment manufacturers for over 50 years. It specializes in the design and manufacture of loading and hauling solutions, such as off-highway dump truck bodies, buckets, and water tanks, supporting both open-cut and underground mining operations. The company also offers repair and maintenance services and spare parts, aiming to enhance productivity and safety in mining operations. Headquartered in Perth, Austin operates worldwide, including in Australia, USA, Chile, and Indonesia.
Average Trading Volume: 3,092,304
Technical Sentiment Signal: Sell
Current Market Cap: A$198.6M
For a thorough assessment of ANG stock, go to TipRanks’ Stock Analysis page.