Solid contracts at hand: Austal Limited (ASX: ASB) stock recovered over 12.8% on August 29, 2016 as the group came out with better than estimated performance, mainly driven by the USA operations. ASB reported a revenue fall of 5% to $1,339.970 million in fiscal year of 2016 as compared to $1,414.888 million in FY2015. But, the group’s USA operations revenues rose to $1,133.024 million during the period from $1,119.703 million in FY15. In fact, ASB is building a solid contract base which we believe would contribute to further stock rally. The group got contract to construct two additional Cape Class Patrol Boats for charter to the Royal Australian Navy from National Australia Bank in December 2015 while Littoral Combat Ship (LCS) 6 — USS Jackson finished ‘Full Ship Shock Trials’ post year end. LCS 8 USS Montgomery was also delivered to the US Navy in June 2016. Even two Expeditionary Fast Transport (EPF) ships EPF6, USNS Brunswick and EPF7, USNS Carson City were delivered to the US Navy. ASB got a $305 million contract from The Commonwealth of Australia to design and construct the Pacific Patrol Boat Replacement fleet of 19 meter vessels, to be gifted to 12 Pacific Island nations from 2018.
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