WiseTech share price surges 11% on record profits

In some much-needed relief for ASX investors, the S&P/ASX 200 Index (ASX: XJO) has finally rebounded today after the heavy losses we’ve seen this week. At the time of writing, the ASX 200 has gained a healthy 0.64% and is back over 7,000 points. But that’s nothing compared to the gains that the WiseTech Global Ltd (ASX: WTC) share price is seeing.

WiseTech shares are on fire today. The logistics technology company has gained an impressive 11.19% so far this Wednesday to $58.93 a share. That’s after closing at $53 yesterday and opening at $55.48 this morning.

Earlier in today’s session, the company rose as high as $59.32 a share, which is just a whisker below WiseTech’s 52-week high of $60.40.

WiseTech share price leaps 11% on bumper earnings report

This, of course, comes after WiseTech dropped its FY2022 earnings report before market open this morning.

As we went through at the time, this report saw WiseTech deliver some strong numbers. The company announced a 25% surge in revenues compared to FY2021 to $632.2 million.

Earnings before interest, taxation, depreciation and amortisation (EBITDA) also rose by 54% to $319 million. Meantime, statutory net profit after tax (NPAT) was up 80% to $194.6 million.

WiseTech also hiked its final dividend. Last year saw the company fork out 3.85 cents per share. But this year, WiseTech will be paying 6.4 cents per share, fully franked.

That’s the biggest dividend WiseTech shares have ever paid out, easily eclipsing the interim dividend of 4.75 cents that was doled out in April.

Once this dividend is paid out on 7 October, the company will have a dividend yield of 0.19% on today’s share price.

So it seems investors have given a full-throated endorsement of WiseTech’s earnings today, going off what is happening to the company’s shares.

Despite today’s massive share price gains, the WiseTech share price has just edged into the green in 2022 thus far, gaining 0.6% since the start of the year. However, investors have enjoyed a pleasing gain of 62.6% over the past 12 months.

At the current WiseTech share price, This ASX 200 tech company has a market capitalisation of $19.23 billion, with a trailing dividend yield of 0.15%

The post WiseTech share price surges 11% on record profits appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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