Brambles Ltd

BXB: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$24.00	Dtxm	Vkhzzbmng

Brambles Earnings: Improved Costs and Exceptional Pallet Returns Underline Full-Year Outlook

Mathew Hodge , Esther Holloway

Feb 23, 2024

Brambles' first-half fiscal 2024 underlying EBIT beat our expectations, increasing 19% on a constant-currency basis to USD 665 million versus the previous corresponding period. This reflects stronger customer pricing, productivity improvements, and cost deflation in lumber, energy, and transportation. The firm also announced extraordinarily high pallet returns from customer destocking, lowering capital expenditure from purchasing fewer new pallets.

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