Leighton Holdings (LEI) is a major project development and contracting organisation, with services including engineering and infrastructure construction, contract mining and property development.
Recently, LEI reported an 82% on-year jump in net profit to $400.3 million for the nine months ending March 31, making it one of the current stocks to watch.
The result, which missed analyst estimates of a $428 million profit, was attributable to a solid performance across LEI’s mining and infrastructure divisions.
Disappointingly, revenue fell from $13.7 billion to $13.3 billion, which LEI put down to adverse currency movements.
Work in hand increased modestly from $36.5 billion to $37.5 billion – and like the profit result – fell short of expectations.
LEI forecast full year net profit in excess of $600 million, with revenue totalling $18.5 billion.
The market didn’t take too kindly to the result, with LEI shares sinking more than 7% on the day of the announcement. Of the industrial stocks to watch, investors should definitely keep an eye on LEI.