ASX:ASBAerospace & Defense
Why Austal (ASX:ASB) Is Down 15.0% After Cutting FY26 Guidance On US Accounting Error
Austal recently disclosed that it had overstated earnings in its US operations by A$17.0 million due to double-counted incentives on the Towing, Salvage, and Rescue Ship program, prompting a revision of its FY26 EBIT guidance to about A$110.0 million.
This accounting issue has raised questions about the robustness of Austal’s financial controls and forecasting, even as it continues to work through an approximately A$13.00 billion defense-focused order backlog across Australia and the United...