AJ Lucas Group (AJL) is a leading provider of both specialist infrastructure and energy services.

The group is the leading supplier of drilling services to Australia’s coal and coal seam gas (CSG) industries. It is also Australia’s largest builder of long-distance gas pipelines.

On 30 May, AJL downgraded its full year guidance and flagged asset sales in an attempt to get its debt under control.

AJL said that due to a combination of legal expenses, restructuring costs, and difficult trading conditions, it now expects an FY11 underlying EBITDA of $19 million – $21 million.

Indeed, AJL has been one of the shares to sell over the past 6 months due to these problems.

The latest guidance compares to AJL’s previous forecast of an EBITDA of $32 million – $36 million.

AJL suspended its shares from trading as it assesses various capital restructuring proposals.

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Elders (ELD) is one of Australia’s most historic companies, having been an advisor, supplier and agent for Australian primary producers for 170 years.

ELD incorporates the Elders rural services and financial services businesses and the forestry and automotive operations acquired and developed by Futuris Corporation.

The group was one of the shares to sell following the GFC, plummeted from a high near $30 to current levels around 50 cents.

On 23 May, ELD reported a 1H11 net loss of $14.6 million.  This compares to a $165.9 million loss a year earlier.

The result was affected mostly by debt restructuring costs, with the group actually reporting an underlying profit of $1 million.

Underlying EBIT rose 94% on-year, with the Rural Services division contributing most to the result due to an improvement in network performance.

However, Elders downgraded its full year profit forecast to $7.5 million – $24.5 million amid uncertainty about the outlook for its Automotive and Forestry divisions.

ELD tumbled over 9% on the day, making it one of the worst performers in the Australian share market.

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OneSteel (OST) is an Australia manufacturer of steel and finished steel products and is also a leading metal distributor.

OST, which was spun out of BHP in October 2000, markets products used in the construction, manufacturing, housing, mining and agricultural industries.

On 10 May, OST downgraded its full year guidance due to the strong Aussie dollar.

OST said that the dollar’s strength had hurt its steel margins and iron ore revenue.  Indeed, OST has been one of the shares to sell over the past year due to the soaring dollar.

Furthermore, its iron ore operations have been impacted by adverse weather in the second half.

As a result, OST now expects full year earnings to be around $270 million, down from its previous forecast of $232 million.

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Fairfax (FXJ) is a leading Australian media company with a range of prominent newspapers such as The Sydney Morning Herald, The Age, and The Australian Financial Review.

On 3 May, FXJ warned that full year operating earnings are expected to be 6.1% lower than the prior year.

FXJ anticipates FY11 EBITDA to be $600 million, down from FY10’s $639.1 million.

The group said second half revenue was down 4.5% so far amid lower advertising levels, whilst operational costs were tracking higher due to the development of new iPad applications.

A stronger Australian dollar was also weighing on earnings, in addition to the poor cyclical trading conditions.

Fairfax was one of the market’s shares to sell on the day of the update, sinking 8%.

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Lynas Corporation (LYC) is involved in the exploration and development of rare earth minerals.

LYC owns the richest deposit of Rare Earths in the world at Mt Weld (Western Australia), 35km south of Laverton in Western Australia.

Mt Weld is also the world’s largest deposit outside China, with supply due to begin in 3Q11.

LYC was one of the market’s shares to sell yesterday amid environmental concerns over its proposed rare earths plant in Malaysia.

The Malaysian government said that it would hold off on issuing a license to Lynas Corporation until the panel it set up reports its finding in a month’s time.

The plant is crucial for LYC as it looks to develop the rare earths extracted from its Mount Weld mine in WA.

LYC shares slumped almost 10% yesterday, making it one of the worst performers in the Australian share market.

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James Hardie (JHX) is a leading international building materials group that produces a wide range of fibre cement building materials used in the exterior and interior of residential and commercial buildings.

The company is also the largest seller of home siding (imitation wood) in the US, and produces fibre cement in the US, Australia, New Zealand and the Philippines.

JHX and its sector peers have been one of the shares to sell in recent times, as the housing market at home and more so abroad has really struggled.

JHX’s US exposure thus caused the company headaches during these difficult times – JHX normally makes 75% of its earnings in the US.

On Friday, JHX reported a net loss of US$345.2 million in the nine months ending 31 December, 2010.  This compares to a US$82.6 million loss a year earlier.

For the quarter, JHX posted a loss of US$26.4 million, which compares to a US$14.9 million profit in 3Q10.  The result was impacted by significant asbestos related losses related to the stronger Australian dollar.

JHX said there is no evidence of housing sector recovery in the US, and it downgraded its full year guidance from the lower end of US110 – US$125 million to between US$105– US$115 million.

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Leighton Holdings (LEI) activities focus on contract management, project management, and property development in Australia, Hong Kong and South East Asia.

LEI has been one of the shares to sell since announcing a profit warning last November.

On 14 February, LEI reported a fall in 1H11 net profit to $216.7 million, down 25% from 1H10’s $288.9 million.

Excluding the sale of its 35% stake in Indian-based Welspun Corp, LEI would have reported a profit of just $14.7 million.

Leighton Holdings attributed the weak result to wet weather in Queensland impacting some of its mining projects, a stronger Aussie dollar, and a write-down of its 45%-owned Habtoor Leighton Group in Dubai.

The group declared an interim dividend of 60 cents a share, down from 85 cents a year earlier.

The result, which missed analyst estimates, resulted in LEI downgrading its full year guidance by 5.8% to $480 million.

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Billabong (BBG) is a major international retailer whose core business is the marketing, distribution, wholesaling and retailing of apparel, accessories, eyewear, wetsuits and hardgoods under various brands.

BBG has been one of the shares to sell in 2010 amid declining consumer demand brought about rising interest rates and financial market volatility.

On 15 December, BBG downgraded its first half profit guidance.  The group now expects 1H11 net profit to fall 8% – 13% from a year ago, compared to its previous guidance of only a slight fall.

1H11 EBIT is expected to slump 25% on-year, primarily due to unseasonable weather impacting sales and weaker-than-expected consumer spending patterns in Australia.

Furthermore, sales in the US have been impacted by a shift in seasonal orders, which will push expected sales into the 2H10.

As a result, Billabong is now forecasting full year net profit to be flat on-year, compared to the previous 2% – 8% growth.

BBG shares sank 8.9% on its revised guidance, making it one of the worst performers in the Australian share market.

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Karoon Gas (KAR) is focused on identifying, exploring and developing acreage that is highly prospective for oil and gas.

KAR advised last Friday that it has discontinued plans to list on the Brazilian stock exchange, citing unfavourable market conditions.

KAR has been one of the shares to sell since reaching a high of $11 in late October, with the stock having plunged almost 30% since then.

KAR based its decision on recent oil and gas company capital raisings not performing to stock market expectations.

Karoon Gas also said that it will wait for conditions to improve before assessing other opportunities.

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Once simply a painting services company, Programmed Maintenance Services (PRG) has expanded into a full-scale property maintenance group.

PRG directly employs more than 11,000 staff and tradespeople across a broad range of government and private sector industries in the resources, infrastructure, education, manufacturing & logistics, commercial/retail and tourism and recreation markets.

It has also been one of the shares to sell over the past year, with its stock price tumbling from around $4.60 in October 2009, to close yesterday at $1.38.

Highlighting its woes, PRG announced yesterday that it will restructure its property services business to reverse recent under-performance.

The group cited reduced demand for its services and lower indexation revenue as the key reasons behind the restructure.

PRG advised that restructuring costs are expected to total $15.8 million.

The news saw PRG plummet over 20% on the day, putting it among the worst performers in the Australian share market. Learn more with a free trial.