The company, split into many divisions and operating across the world, has for the 13th consecutive time increased its dividend, from 45c to 48.5c.
However, when delivering its full-year report to the end of June yesterday, it emphasised the possible impact of faltering markets and economies around the globe.
Fletcher's operating earnings were up 10% to a record $768 million, but the after-tax earnings fell 3.5% from $484 million at the same period last year to $467 million.
Fletcher shares gained 3.5% in value after the announcement and were up to $6.65.
ABN Amro Craigs broker Peter McIntyre said it was a good result from all the divisions, except Distribution.
"But the key is the mixed outlook for the year ahead and future exposure to volatility on several fronts," Mr McIntyre said.
The Distribution division earnings were down 8.75%, from $80 million to $73 million, while Building Products were up 5% to $148 million, Infrastructure up 13.6% to $308 million, Laminates and Panels up 7.6% to $141 million and Steel up 26.25% to $101 million.
The Steel earnings reflected a 10% rise in sales due to price increases, plus its joint venture with scrap merchant Sims Pacific Metals showed a 30% increase in operating earnings.
Fletcher chief executive Jonathan Ling declined to give any guidance for 2009 results because of the mix of market and economic conditions ahead.
"The company faces a mix of market conditions that make the outlook for the current year difficult to predict," Mr Ling said.
Of all its markets, Mr Ling said Asia had a strong outlook, with good growth prospects in the Formica plants in China, Taiwan and Thailand.
He said residential activity was expected to slow in New Zealand and commercial activity to remain about the same, while in Australia, Queensland and Western Australia were underpinning a housing slump in New South Wales and commercial activity was slow.
However, engineering activity was expected to grow strongly.
In the United States, there was not expected to be any economic improvement, with only marginal gains possible, while the state of markets in Spain, the United Kingdom and central and northern Europe were still unclear.
The Formica company, acquired in July 2007, which had to date been underperforming, had delivered its first full-year contribution with sales in laminates and panels up 101%, from $1.05 billion to $2.13 billion.
