The All Ordinaries Index (ASX: XAO) is back in the green today, helped along by these three shares. Theyâre each leaping as high as 13% on news of their first-half performances.
Right now, the All Ordinaries is up 0.35%, trading at just over 7,640 points.
Letâs take a look at the stocks roaring higher on the back of earnings updates.
3 ASX All Ordinaries shares soaring on earnings updates
First up is All Ordinaries share Sims Ltd (ASX: SGM). It rocketed nearly 9% to trade at $15.95 earlier today despite the metal recycling company revealing tumbling profits.
However, reports UBS has upped its price target for Sims stock to $16 might also be bolstering it on Tuesday.
The company’s underlying post-tax profit for the first half came in at $53 million. That marks an 80.3% fall on that of the prior comparable period (pcp).
Its sales revenue also dropped 10% to $3.8 billion. Meanwhile, its interim dividend was slashed by 66% to 14 cents per share.
CEO and managing director Alistair Field said the downturn was driven by lower steel prices and weakening customer demand, while high fuel prices and decelerating economic activity saw scrap volumes slump.
Meanwhile, investors in All Ordinaries fleet management solutions company SG Fleet Group Ltd (ASX: SGF) will likely be happy with the news driving its share price higher. The stock leapt to a high of $2.36 earlier today, representing a 13% gain.
The company posted a $41.9 million post-tax profit for the first half â marking a 41% year-on-year improvement.
It also declared an 8.91 cents per share interim dividend â a 7.1% increase on last yearâs.
All that was despite continuous supply chain difficulties, which will likely push benefits forward to be realised in coming periods.
Finally, All Ordinaries retailer KMD Brands Ltd (ASX: KMD) technically didnât release earnings today. However, its share price is soaring on an update on its first-half trading, peaking at $1.03 â a 6% gain.
The company is behind brands Kathmandu, Rip Curl, and Oboz.
It announced record first-half sales of around $546 million today â a 34% increase on that of the pcp.
Its underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) for the half year is expected to come in at $45 million.
The company will post its audited results on 22 March.
The post 3 ASX All Ordinaries shares rocketing over 5% on strong earnings updates appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now…
See The 5 Stocks
*Returns as of February 1 2023
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
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.
from The Motley Fool Australia https://ift.tt/A8noKiM
Leave a Reply