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  • ASX 200 finishes higher by 0.8%, Carsales share price driven up by FY20 guidance

    ASX 200

    The S&P/ASX 200 Index (ASX: XJO) climbed higher today to 5,992 points.

    At one point today the ASX 200 was actually in negative territory, hitting a low of 5,934 points. But there was an afternoon rally to ensure the ASX had another positive day.

    Here are some of the main highlights from the ASX 200:

    Carsales.com Ltd (ASX: CAR) share price driven higher by FY20 guidance

    The online car classifieds business released an update today which included FY20 guidance.

    Companies with a financial year end date of 30 June 2020 are close to finalising the year. Carsales wanted to provide the market with an estimate for its FY20 result.

    The numbers were provided on a continuing operations basis, which excludes Stratton. All of the numbers are unaudited and are subject to the audit process.

    Carsales also warned of uncertainty given the impact of COVID-19. Adjusted revenue, which includes $26 million of revenue billed but not charged, is estimated to be in a range of $419 million to $423 million. This would mean revenue will be flat or achieve growth of 1%.

    FY20 Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) is estimated to be between $228 million to $232 million, which would equate to growth of 5% to 6%.

    Fy20 Adjusted net profit after tax (NPAT) is estimated to be in a range of $134 million to $138 million. This would equate to profit growth of 3% to 6%.

    In terms of trading conditions, Carsales said that overall lead and traffic volumes have continued to improve as social distancing measures have eased. According to Carsales, between 22 April 2020 and 16 June 2020 lead volumes have grown very strongly on the prior corresponding period of 2019.

    The trends in Brazil and South Korea have continued. Management said that Encar continues to perform well with key operating metrics of inventory, listing volumes and traffic are all growing with continued growth of revenue and EBTIDA on the prior corresponding period. However, escalation of COVID-19 in Brazil is affecting Webmotors’ financial and non-financial metrics.

    Carsales has refinanced its debt and also commented that it doesn’t anticipate changing its dividend policy of paying 80% of adjusted net profit after tax.

    Highs and lows of the ASX 200

    Looking at the best and worst performances in the ASX:

    The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price went up 8%.

    A2 Milk Company Ltd (ASX: A2M) saw its share price climb 7.8%, perhaps due to a broker note.  

    The WiseTech Global Ltd (ASX: WTC) share price went up 5.9%.

    The share price of Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) grew by 5.3%.

    At the red end of the ASX, the worst three performers were:

    The Pilbara Minerals Ltd (ASX: PLS) share price declined 5.4%

    Mayne Pharma Group Ltd (ASX: MYX) suffered a share price fall of 5.2%.

    The Webjet Ltd (ASX: WEB) share price went down 3.2%.

    CSL Limited (ASX: CSL) loses its chief financial officer

    ASX 200 healthcare giant announced today that CFO David Lamont is leaving to join BHP Group Ltd (ASX: BHP).

    Mr Lamont is credited with transforming CSL’s finance function during a significant period of growth for the company. CSL said he was influential on several important projects including reshaping CSL’s enterprise resource planning.

    Mr Lamont said: “I am delighted to rejoin one of the best companies in the world. BHP has strong values and a robust financial position, making this an exciting opportunity to be part of a team that can generate returns to shareholders over the long term and make a positive difference to local communities and global markets. I look forward to working with Mike and the team.”

    There will be a handover period where the current BHP CFO ensures an orderly transition and Mr Lamont will fully take over in about six months. 

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    Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. and WiseTech Global. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia owns shares of A2 Milk. The Motley Fool Australia has recommended carsales.com Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

    The post ASX 200 finishes higher by 0.8%, Carsales share price driven up by FY20 guidance appeared first on Motley Fool Australia.

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  • Norwegian Plummets 12% As Company Says Cruises Won’t Take To The Sea For Another Few Months

    Norwegian Plummets 12% As Company Says Cruises Won't Take To The Sea For Another Few MonthsThe shares of Norwegian Cruise Line Holding Ltd. (NYSE: NCLH) dipped nearly 12.4% in the after-hours session on Tuesday.What Happened The dip followed the Florida-based company's announcement that it is extending the suspension of its cruise voyages to October. Certain voyages in October, including Canada and New England trips, have also been canceled.Norwegian said Seattle-based Alaska voyages set to take off in September are an exemption.The cruises were earlier expected to be in the sea by August, following the ease of lockdown restrictions related to the novel coronavirus (COVID-19) pandemic.Why It Matters Rival Carnival Corp.'s (NYSE: CCL) Princess Cruises earlier this month also announced its operations would remain suspended through mid-September at least, Reuters reported.The travel and leisure industry has been hit hard by the pandemic, as operations remain suspended for most of the year. A number of cruises were stuck at sea during the early days of the pandemic in February as countries fearing an outbreak refused them permission to dock.Price Action Norwegian shares closed 4.8% higher in the regular session at $20.96 on Tuesday. The shares were down about 12.4% in the after-hours session at $18.37.Carnival shares dropped 7.1% in the after-hours session after closing the regular session 5% higher at $20.42.See more from Benzinga * Tesla Says Model S Long Range Plus Finally Received 402 Miles Rating From EPA, Confirms ,000 Price Cut * PG&E Expected To Plead Guilty For 2018 Wildfire Deaths Today * Amazon Tells Congress CEO Jeff Bezos Ready To Testify In Antitrust Probe(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • Norwegian Air, SAS to add more flights as demand picks up

    Norwegian Air, SAS to add more flights as demand picks upNorwegian Air and SAS are adding more flights to their schedules from July onwards as demand begins to recover following the COVID-19 pandemic, the two Nordic carriers said on Tuesday. SAS will use 40 of its aircraft in July, up from 30 in June, as it adds flights from the Nordics to Spain, Italy and Portugal among others. “As restrictions and inbound travel rules are relaxed, we are seeing a rise in demand for travel,” SAS said in a statement.

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