3 ASX 200 shares in the green following earnings updates

The S&P/ASX 200 Index (ASX: XJO) is trading in the green on Thursday, buoyed by results from many shares that call it home.

Earnings season is in full swing this week, with some of the market’s biggest names releasing results. Here are three shares recording notable gains on the back of their recent performance.

Insignia Financial Ltd (ASX: IFL)

The Insignia Financial share price is soaring 11% today to trade at $3.53. Its gain comes after the financial services provider posted an underlying net profit after tax (NPAT) of $234.5 million for financial year 2022. That represents a whopping 59% year-on-year improvement.

It also posted a $3.1 billion improvement in platform flows and an 11.8-cent final dividend.

The company’s CEO Renato Mato commented, saying:

Our results demonstrate we are pursuing the right strategy and implementing it with focused and accelerated execution.

The company, formerly known as IOOF, realised benefits of its recent acquisition of MLC. Integration of the business is now expected in 18 months, rather than the three years previously anticipated.

Viva Energy Group Ltd (ASX: VEA)

ASX 200 share Viva Energy is also trading in the green on the back of its half-year earnings today. The stock has gained 0.9% to trade at $2.815 at the time of writing.

The energy company posted $611.7 million of earnings before interest, tax, depreciation, and amortisation (EBITDA) – a 139% increase on that of the prior corresponding period. Its NPAT also lifted 218% to $355.4 million while its sales volumes rose 5%.

CEO and managing director Scott Wyatt commented:

Viva Energy’s diversified business model has continued to provide resilience to volatile market conditions. Exposure to global refining markets and a diverse range of commercial segments within Australia has provided significant growth and offsets softer conditions in the Retail market.

Cromwell Property Group (ASX: CMW)

Finally, shares in ASX 200 real estate and fund manager Cromwell are trading 0.25% higher at 79.2 cents. The stock is also gaining on the back of financial year 2022 earnings.

Cromwell CEO Jonathan Callaghan commented on the company’s results, saying:

I’m pleased to report a solid result, with management activities undertaken throughout the year focused on building the foundations for our renewed vision. We are fully committed to pivoting Cromwell to become a simpler and more capital efficient business with a greater focus on driving securityholder returns through funds and asset management

The company reported $568.8 million of revenue – a 4.4% year-on-year loss – as well as $263.2 million of profit – down 14.6%. Its full-year dividends also dropped by half a cent to 6.5 cents per share.

Speaking on its outlook, Callaghan said:

Similar to FY22, the current financial year will be one of change as we continue to simplify the business and focus on reallocating capital from non-strategic investments to new opportunities which will drive growth in our funds management platform.

The post 3 ASX 200 shares in the green following earnings updates appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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