Fletcher Building has reiterated its forecast for full-year earnings and capital spending to be at the lower end of its guidance range.

Operating earnings before one-time items would be at the lower end of the range of $NZ650 million to $NZ690 million ($A625 million to $A663 million) in the 12 months ending June 30, the building products and construction group said.

It was a repeat of the guidance it gave with its first-half results in February. Capital expenditure is expected to be at the bottom of its guidance range of $NZ275 million-$NZ325 million.

Fletcher shares have barely budged from where they were five years ago, achieving a 0.5 per cent gain, excluding dividends, while the NZX 15 Index has soared 91 per cent.

Chief executive Mark Adamson has been forced to deal with the high-priced purchase of Crane Group, a downturn in Australia's mining sector, and has been selling assets while embarking on a cost-cutting programme and overhauling his management team.

In presentation slides for a Macquarie Australia Conference this week, the company said residential building consents in New Zealand were above their long-run trend.

The outlook for commercial construction was encouraging, with civil infrastructure driven by government spending.

Residential construction in Australia was expected to remain strong while the outlook for non-residential work was challenging, with declining investment in the resources sector and uncertainty over government infrastructure spending.

Conditions in the North American market were expected to track higher, while Europe was mixed with a weak economic outlook. Further volume growth was seen in Asia although the Chinese market was increasingly competitive.

The company said its performance in 2015 will be impacted by the sale of businesses last year and the substantial completion of the Canterbury home repair programme.

Its shares last traded at $NZ8.31 on the NZX and are rated a 'hold' based on the consensus of 11 analysts polled by Reuters, with an average price target of $NZ9.01.