News of a $300 million share buyback and dividend reinstatement did nothing for Fletcher Building's share price which slid more than 5 per cent from $5.29 yesterday to $4.90 today.
Focus returned to the company's Australian business with analysts expressing disappointment over the rate of earnings decline.
"Fletcher's investor day focused on the initiatives behind its Australian turnaround ambitions. We welcome Fletcher providing medium-term financial targets," Forsyth Barr analysts Matt Henry and Matt Dunn said in a research note.
"However, the news that Fletcher's Australian Ebit has halved this year highlights our near-term concerns about these high operating leverage [businesses] in a challenging cyclical and competitive environment."
The analysts said they remained to be convinced and while Fletcher reaffirmed forecast Ebit at $620m-560m for 2019, the weak Australian performance has resulted in a "downgrade by stealth, with headline guidance maintained band-aided by higher-than-expected land sale gains."