Boral shares slid 1.9% in early trading to $3.15 at 10:20 a.m. AEST; in early February, they were trading at $6.53.
After its downgrade on March 22, Boral gave a forecast range for underlying earnings before interest and taxes of $145 million to $155 million, assuming no more heavy rains and other taxes. .
Boral has undergone a major transformation over the past 18 months, selling outside of North America with approximately $4 billion in asset sales. Much of this strategy has been driven by the Stokes family, who through Seven Group Holdings control the company. Ryan Stokes, son of Kerry Stokes is the president of Boral.
The Stokes family made a takeover bid for Boral last May after steadily building up an equity stake.
Mr Stokes and the board have cut costs sharply as they try to improve returns at what is now an Australian national business. Last month he axed the position of finance and strategy director, firing Tino La Spina from the company after 18 months.
Mr La Spina was previously Head of International Operations at Qantas until September 2020.
Boral sold the last of its US operations in early December with the $1 billion sale of its fly ash business to Eco Material Technologies, a company backed by two US private equity groups.
Boral had operated fly ash facilities for approximately 40 years in the United States. But it expanded significantly in 2016 when Mr Todorcevski’s predecessor, Mike Kane, acquired the Headwaters business for $3.5 billion. Headwaters was a big player in fly ash and also in building products.
In July, Boral completed the sale of its largest U.S. building products business, including roofing, stone and window businesses, to Westlake Chemical for $2.15 billion.