Category: Stock Market

The S&P/ASX 300 Index (ASX: XKO) is back in the green for the first time since Monday, helped along by these three shares. They’ve each posted notable gains today, driving their share prices to their highest points in more than a year.

Right now, the ASX 300 is 0.27% higher at 7,265.3 points.

Let’s take a closer look at what might be boosting these ASX stocks to long-forgotten heights on Friday.

3 ASX 300 shares leaping to 52-week highs today

First up, the Super Retail Group Ltd (ASX: SUL) share price leapt 1.9% to peak at $13.75 earlier today – the highest it’s been since late 2013.

Stock in the company behind retailers like Supercheap Auto and BCF has been on a roll since the release of its half-year earnings last week.

It posted a record half-year of sales, coming in at nearly $2 billion, while its profit for the period jumped 30% to $144 million.

The share price of fellow ASX 300 retailer Accent Group Ltd (ASX: AX1) is also in the green, roaring 10% to a new 52-week high of $2.36 on the release of its first-half earnings today.

The fashion and footwear retail group posted a 290% jump in profits for the half, reaching $58.3 million. That saw it boosting its interim dividend by 380% to 12 cents per share.

But “most pleasing”, according to CEO Daniel Agostinelli, was the performance of the company’s core brands, including Skechers, Platypus, Hype DC, The Athlete’s Foot, Vans, and Dr Martens.

Finally, shares in ASX 300 insurance broker network Steadfast Group Ltd (ASX: SDF) popped 0.5% to an all-time high of $5.88 earlier today before slipping into the red.

Like Super Retail and Accent before it, the company is a recent reporter. It dropped its first-half earnings on Tuesday.

Within them, it reported a 27% jump in underlying revenue – reaching $662.8 million – and an 18.2% increase in underlying net profit after tax (NPAT).  

The post 3 ASX 300 shares soaring to new 52-week highs on Friday appeared first on The Motley Fool Australia.

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More reading

• Why Accent, Brambles, Infomedia, and Pilbara Minerals shares are pushing higher
• Accent share price races 10% higher after half-year profits triple
• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today
• Why A2 Milk, Piedmont Lithium, QBE, and Super Retail shares are racing higher

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 positions in and has recommended Steadfast Group and Super Retail Group. The Motley Fool Australia has positions in and has recommended Steadfast Group and Super Retail Group. The Motley Fool Australia has recommended Accent Group. 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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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small gain. In afternoon trade, the benchmark index is up 0.2% to 7,301.6 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:

Accent Group Ltd (ASX: AX1)

The Accent share price is up 6.5% to $2.28. Investors have been buying this fashion and footwear retailer’s shares following the release of a stellar half-year update. Accent reported a 39% increase in sales and a 290% jump in net profit after tax to $170.2 million. Another positive was that Accent increased its interim dividend by 380% to a fully franked 12 cents per share.

Brambles Limited (ASX: BXB)

The Brambles share price is up 8% to $13.00. This follows the release of the logistics solutions company’s half-year results. Brambles reported a 7% increase in sales revenue and a 9% lift in profit after tax. Looking ahead, management has upgraded its FY 2023 guidance. It now expects revenue growth of between 12% to 14% and underlying profit growth of between 15% to 18%.

Infomedia Limited (ASX: IFM)

The Infomedia share price is up 11% to $1.31. Investors have been buying this automotive industry software provider’s shares after it delivered a solid half-year result. Infomedia reported a 6.7% increase in revenue to $62.9 million and a 38.5% jump in net profit after tax to $4.8 million.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 3.5% to $4.63. This has been driven by the release of the lithium miner’s half-year results. Pilbara Minerals posted a 647% increase in revenue to $2.18 billion and a 989% increase in profit after tax to $1.24 billion. This allowed the company to declare its inaugural 11 cents per share fully franked interim dividend.

The post Why Accent, Brambles, Infomedia, and Pilbara Minerals shares are pushing higher appeared first on The Motley Fool Australia.

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More reading

• Pilbara Minerals share price charging higher on maiden dividend
• This ASX 200 share is leaping 8% on bumper profits and a boosted dividend
• Infomedia share price shifts up a gear as profits surge almost 40%
• Which ASX 200 lithium share takes the crown for dividend yield right now?
• Everything you need to know about the inaugural Pilbara Minerals dividend

Motley Fool contributor James Mickleboro 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 Infomedia. The Motley Fool Australia has recommended Accent Group and Infomedia. 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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The Pilbara Minerals Ltd (ASX: PLS) share price is up 4.8% in afternoon trade on Friday. Shares are currently swapping hands for $4.69 apiece.

This comes following a 5.1% gain yesterday for the S&P/ASX 200 Index (ASX: XJO) lithium stock.

Investors are bidding up the Pilbara Mineral share price following some very strong half-year results, released after market close yesterday.

Here’s what’s drawing investor interest.

What did the ASX 200 lithium stock report?

Pilbara Minerals reported growth across all the major financial metrics.

The miner’s spodumene concentrate production increased 83% from the first half of the 2022 financial year. This helped drive a 305% increase in revenue, which reached $2.2 billion.

Statutory net profit after tax (NPAT) leapt 989% from the prior corresponding half-year to $1.2 billion. The profit for the company’s half-year represents earnings per share (EPS) of 41.59 cents.

And the company strengthened its balance sheet to the tune of $1.6 billion, reporting a 31 December cash position of $2.2 billion.

“The stage is set for Pilbara Minerals to take massive growth steps in the months and years ahead. This is just the beginning,” a clearly pleased CEO, Dale Henderson said.

On the back of these strong results, and offering tailwinds to the Pilbara Minerals share price today, the board also declared its first-ever dividend of 11 cents per share, fully franked.

Pilbara Minerals shares trade ex-dividend on 2 March. If you own shares before then, you can expect payment on 24 March. At the current share price, the maiden dividend gives the company a trailing yield of 2.4%.

Mineral Resources Ltd (ASX: MIN) is the only ASX 200 lithium stock that pays a higher trailing yield, currently at 2.6%.

Pilbara Minerals share price snapshot

With today’s intraday gains factored in the Pilbara Minerals share price – pictured below – is up 79% over the past 12 months.

The post Pilbara Minerals share price charging higher on maiden dividend appeared first on The Motley Fool Australia.

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More reading

• Why Accent, Brambles, Infomedia, and Pilbara Minerals shares are pushing higher
• Which ASX 200 lithium share takes the crown for dividend yield right now?
• Everything you need to know about the inaugural Pilbara Minerals dividend
• Pilbara Minerals share price on watch amid 989% profit surge
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Bernd Struben 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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ASX 200 shares are up a collective 0.37% today, with Brambles Limited (ASX: BXB) a shining outlier after the company released its 1H FY23 report.

Shares in the pallets, crates, and containers provider opened at $12.52, up 3.7% on yesterday’s close. The stock then gradually rose to an intraday high of $13.10, up 8.5%. The ASX 200 share is currently trading for $13.08, up 8.4%.

Let’s look into the detail of the company’s report.

ASX 200 share soars on big profit rise

Here are the highlights of 1H FY23 for Brambles:

• Sales revenue from continuing operations of US$2,931.5 million, up 7% on the prior corresponding period (pcp) of 1H FY22
• Underlying profit and operating profit from continuing operations of US$548.8 million, up 14% pcp
• Profit after tax US$331.1 million, up 9% pcp
• Basic earnings per share (EPS) from continuing operations up 13% pcp to 24.1 US cents
• Cash flow from operations of US$140.4 million
• 35% franked interim dividend of 12.25 US cents payable on 13 April.

The dividend represents a 14% bump on the ASX 200 share’s last interim dividend of 10.75 US cents.

The EPS boost reflects earnings growth and the impact of the share buyback completed in June 2022.

What did management say?

Brambles CEO, Graham Chipchase commented:

This is an outstanding result for Brambles, with the business delivering strong revenue and profit growth with operating leverage despite the challenging external environment and ongoing inflationary pressures.

This performance reinforces the defensive nature of our business and highlights the critical role our pooled solutions play in supply chains today.

Chipchase said the company’s performance “demonstrates our ongoing financial discipline, including recovery of cost-to-serve increases, and delivery of benefits from the transformation programme”.

What’s next?

Brambles has upgraded its full-year guidance for revenue growth to between 12% and 14%. It also expects underlying profit growth of between 15% and 18%.

Brambles also announced the retirement of its chief financial officer (CFO), Nessa O’Sullivan today. O’Sullivan will step down as CFO and an executive director in the first quarter of the 2024 calendar year.

Recent history of this ASX 200 share

Over the past 12 months, the Brambles share price has increased by 31%.

The ASX 200 share has vastly outperformed the broader market, with the S&P/ASX 200 Index (ASX: XJO) up by 4.5%.

The post This ASX 200 share is leaping 8% on bumper profits and a boosted dividend appeared first on The Motley Fool Australia.

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More reading

• Infomedia share price shifts up a gear as profits surge almost 40%
• Is Wesfarmers looking to sell off its remaining Coles shares?
• Star Entertainment shares return to trade after raising $595 million. What’s next?
• 3 ASX All Ord shares being hammered on earnings today
• Which ASX 200 lithium share takes the crown for dividend yield right now?

Motley Fool contributor Bronwyn Allen 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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The Wesfarmers Ltd (ASX: WES) share price has been on quite a pleasing run of late. In 2023 so far, Wesfarmers shares have risen by a healthy 7.4%. Over the past 12 months, the gains have been more muted, with Wesfarmers rising by just 2.3%.

But since the company reached its most recent 52-week low of just over $40 in June last year, Wesfarmers shares have appreciated by a significant 22%.

Long-term investors have done especially well out of Wesfarmers shares. Over the past five years, the Wesfarmers share price has risen by more than 65%. And since Wesfarmers’ spin-off of Coles Group Ltd (ASX: COL) in November 2018, the company is up by around 55%:

Back in 2018, Wesfarmers announced that Coles would be flying the nest and listing on the ASX 200 in its own right. At the time, Wesfarmers investors received one share of Coles for every share of Wesfarmers share they owned.

This has proven to be a lucrative move for investors. Not only have Wesfarmers shares shot up in value since Coles left the building, but the Coles share price has also rocketed by more than 40% since the spin-off too:

That means investors who held on to both their Coles and Wesfarmers shares since then have done exceptionally well.

Not only have they enjoyed bumper capital gains on both companies, but Wesfarmers and Coles have also both upped their dividends substantially since the divorce.

At the time of the Coles spin-off, Wesfarmers actually retained around 15% of the company, listing the other 85% on the ASX. But over the last few years, Wesfarmers has pared back this stake.

Today, the company only retains a fraction of this original 15%, holding a stake that is worth roughly 2.8% of the entire market capitalisation of Coles.

Is Wesfarmers about to firesale its last Coles shares?

So could Wesfarmers offload this remaining stake in Coles and give its balance sheet a cash injection? Some investors might want the company to go down this path. Wesfarmers could use the funds for a new acquisition, or else bankroll a special dividend or share buyback program, after all.

Well, it’s certainly a possibility. But one that won’t be happening anytime soon, if new reporting is to be believed.

According to a report in the Australian Financial Review (AFR) this week, investment bankers regard the sale of this last remaining Coles stake as a done deal. It’s just a matter of “when, not if, [the] former parent Wesfarmers will exit the supermarkets giant” completely, they say.

According to the report:

A couple of brokers were sniffing around the stake on Tuesday night, post Coles’ interim result, to no avail. They reckon Wesfarmers doesn’t need the cash, and is happy to sit and collect its Coles dividends until it finds a use of sale proceeds.

So it doesn’t look like Wesfarmers is ready to part with its Coles shares just yet. But watch this space because there are apparently quite a few experts who think it’s a done deal. Just not yet.

The post Is Wesfarmers looking to sell off its remaining Coles shares? appeared first on The Motley Fool Australia.

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More reading

• Own Woolworths shares? Supermarket giant moves to team up with Coles on recycling blitz
• Passive income watch: 4 ASX 200 shares that announced boosted dividends this week
• I’d invest my first $500 in this high-dividend-yield ASX stock today
• These excellent ASX dividend shares are buys: Morgans
• Wake up! Buy 5 ASX shares that are reporting season gems: Morgans

Motley Fool contributor Sebastian Bowen has positions in Wesfarmers. 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 positions in and has recommended Coles Group and Wesfarmers. 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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The Star Entertainment Group Ltd (ASX: SGR) share price is back in business today, rising amid the completion of a large chunk of the company’s $800 million capital raise.

The stock was put into a trading halt on Wednesday. Today, it returned to trade as the successful completion of $595 million of that raise was announced.

But the Star Entertainment share price isn’t responding positively. It’s falling 1.32% at the time of writing to trade at $1.50.

It’s also worth noting today marks the first time the market can respond to the company’s $1.3 billion first-half loss, also revealed yesterday.

Let’s take a closer look at what’s going on with the embattled S&P/ASX 200 Index (ASX: XJO) casino operator.

Star completes institutional raise, gears up for retail offer

The Star Entertainment share price returned to trade on Friday, quickly falling into the red after completing the institutional component of its capital raise.

That comprised a $115 million institutional placement and the institutional element of a $685 million entitlement offer, each offering new shares for $1.20 apiece. The latter allowed existing investors to buy three new shares for every five already owned.

It saw strong support from both existing and new investors, with a take up rate of around 94%. That included $80 million of binding pre-commitments from strategic partners Chow Tai Fook Enterprises and Far East Consortium International.

Star Entertainment CEO Robbie Cooke commented on today’s news, saying:

The capital structure initiatives announced yesterday, including the placement and entitlement offer, will provide The Star with a strengthened balance sheet to deliver on its key strategic priorities and to meet the capital requirements provisioned for.

The company plans to use the raised capital to repay debt and increase its liquidity. It boasts $754 million of pro forma liquidity and $341 million of net debt as of the end of December.

And retail investors wanting to bolster their position in Star Entertainment shares for $1.20 apiece won’t have to wait long to do so.

The retail component of the company’s entitlement offer – expected to be worth $205 million – will open on Thursday and run until 13 March.

Star Entertainment share price snapshot

The Star Entertainment share price has taken a major tumble in recent months. It’s currently down 17% year-to-date as challenging trading conditions weighed on its earnings.

Looking further back, the stock has tumbled 54% over the last 12 months amid a massive fine and the suspension of its Sydney casino license.

For comparison, the ASX 200 is 5% higher year to date and over the last 12 months.

The post Star Entertainment shares return to trade after raising $595 million. What’s next? appeared first on The Motley Fool Australia.

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More reading

• Star Entertainment share price treads water as losses blowout to $1.3 billion
• Why is the Star Entertainment share price on ice today?
• Here are the top 10 ASX 200 shares today
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Star Entertainment share price rebounds 8% on Wednesday

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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A number of results have hit the All Ords today. Some have gone down well with investors, other have had them hitting the sell button.

Three results that are in the latter category are summarised below. Here’s why investors are selling these ASX All Ords shares:

CogState Limited (ASX: CGS)

The CogState share price is down 20% to $1.30. This morning, this ASX All Ords neuroscience technology company revealed that it expects to report a 12% decline in first-half clinical trials revenue to $17.1 million and breakeven profit before tax.

Management advised that its revenue and profit were impacted by a slower than expected enrolment of patients by pharmaceutical companies in a small number of their large Alzheimer’s trials. More of the same is expected in the second-half, with management guiding to a full-year revenue decline of 6% to 9%.

Fineos Corporation Holdings PLC (ASX: FCL)

The Fineos share price has crashed 16% to $1.65. Investors have been selling the shares of this leading provider of core systems for employee benefits and life, accident and health insurance after its first-half loss widened.

Fineos posted an 18.4% increase in subscription revenue to 29.9 million euros and a 14.7% lift in annual recurring revenue (ARR). However, overall revenue was down 6% on the prior corresponding period.

On the bottom line, the ASX All Ords company posted a loss after tax of 14.6 million euros, up from a loss of 4.6 million euros a year earlier.

Resimac Group Ltd (ASX: RMC)

The Resimac share price is down 9% to $1.06. This morning, this residential mortgage lender released its half-year results and reported a 30% decline in normalised net profit after tax to $37.5 million.

This was driven by a sharp reduction in home loan settlements compared to the prior corresponding period due to the impact of inflation and rising interest rates on household cost-of-living.

Management warned that there are no signs of relief in rising interest rates and inflationary pressures this year, which is likely to mean a tough second half. However, it remains positive on the medium term outlook.

The post 3 ASX All Ord shares being hammered on earnings today appeared first on The Motley Fool Australia.

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More reading

• Why A2 Milk, Altium, Cogstate, and Ingenia shares are sinking today
• Goldman Sachs says these ASX small cap shares are buy with major upside potential

Motley Fool contributor James Mickleboro 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 Cogstate. The Motley Fool Australia has positions in and has recommended Cogstate. The Motley Fool Australia has recommended FINEOS Corporation. 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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S&P/ASX 200 Index (ASX: XJO) lithium shares have offered investors some very strong returns amid soaring prices for the battery-critical metal.

Yet while longer-term investors should be sitting on some healthy gains, not all of the blue-chip lithium stocks pay a dividend.

In fact, if you’d asked me yesterday, I would have said that only two of the five ASX 200 lithium shares currently offer investors a dividend payout.

But that figure jumped to three out of the five this morning, when Pilbara Minerals Ltd (ASX: PLS) reported stellar half-year results and announced its maiden dividend.

As of now, neither Core Lithium Ltd (ASX: CXO) or Allkem Ltd (ASX: AKE) shares offer dividend yields.

Which brings us to…

Which ASX 200 lithium share pays the highest dividend yield?

IGO Ltd (ASX: IGO) reported its half-year results on 31 January.

The ASX 200 lithium share reported record half-year net profit after tax (NPAT) of $591 million, up 550% from the $91 million reported in H1 FY22.

This saw the IGO board declare a record interim dividend of 14 cents per share, fully franked.

That brings IGO’s full-year dividend payouts to 19 cents per share for a trailing yield of 1.4%.

Next up we have Mineral Resources Ltd (ASX: MIN).

Mineral Resources reported its half-year results this morning.

With the six-month NPAT up 1,890% year on year to $390 million, the Mineral Resources board offered up a boosted, fully franked interim dividend of $1.20 per share.

That brings the Mineral Resources full-year dividend payout to $2.20 per share for a trailing yield of 2.6%.

Finally, we have Pilbara Minerals.

As mentioned up top, Pilbara Minerals’ board declared the first-ever dividend payout for the ASX 200 lithium share.

With NPAT for the six months soaring to $1.24 billion, up 989% from H1 FY22, Pilbara Minerals will pay an 11 cents per share, fully franked interim dividend.

At the current share price, that represents a trailing yield of 2.4%.

So the winner is…

With a 2.6% trailing dividend yield, Mineral Resources edges out Pilbara Minerals as the ASX 200 lithium share with the highest current yield.

Mineral Resources also leads the pack in share price gains, with its shares up 92% since this time last year.

The post Which ASX 200 lithium share takes the crown for dividend yield right now? appeared first on The Motley Fool Australia.

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More reading

• Silver lining: Mineral Resources shares to pay interim dividend
• Everything you need to know about the inaugural Pilbara Minerals dividend
• Allkem share price in the green as ASX 200 lithium stock posts record revenue
• Mineral Resources share price drops despite incredible earnings growth
• Pilbara Minerals share price on watch amid 989% profit surge

Motley Fool contributor Bernd Struben 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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The EML Payments Ltd (ASX: EML) share price has come under significant pressure again on Friday.

In morning trade, the embattled payments company’s shares dropped 15% to 49 cents.

This means the EML share price is now down 80% over the last 12 months, as you can see below.

Why is the EML share price crashing today?

Investors have been selling down the EML share price on Friday after the company released an update on its European operations.

These operations, which are overseen by its PFS Card Services Ireland business, have come under fire from regulators over the last 18 months amid concerns over its anti-money laundering and counter-terrorism financing (AML/CFT) compliance.

According to the latest update, PFS Card Services Ireland has received further damning correspondence from the Central Bank of Ireland.

The central bank has stated that it considers that PFS Card Services Ireland has made limited remediation progress to date with significant and ongoing deficiencies remaining in its AML/CFT control framework. The bank also advised that it is not satisfied with PCSIL’s remediation plan and timetable for completion.

In light of this, EML now believes there is a risk that its remediation program and third-party assessment may not be completed as planned by the end of 2023.

Potential penalties

As a result of its lack of progress, the Central Bank of Ireland has informed PFS Card Services Ireland that it is “minded to issue a direction” that growth in total payment volumes for the period 31 March 2023 to 30 March 2024 be restricted to 0% above annualised baseline volumes in the year January to December 2022.

This would be a change from the previous 10% growth restriction imposed until 8 December 2023.

Though, it is worth noting that the central bank has not yet made this direction and has provided PFS Card Services Ireland with an opportunity to provide it with submissions by 10 March 2023 for its consideration. Management advised that work has already commenced in that regard.

The company estimates that the proposed growth restrictions would reduce its EBITDA by $2 million in FY 2023.

Strategic review

EML has revealed that it disappointed with the news and is now looking at a strategic review of the PFS Card Services Ireland business. It commented:

The Board is disappointed with this development. The reconstituted Board is taking the concerns of the CBI very seriously. It is committed to remediating the issues that are of concern to the CBI and engaging constructively with the CBI in relation to the remediation. In that context, the Board has established a new dedicated subcommittee (chaired by new non-executive director, Peter Lang) charged with oversight of the remediation program. The Board has also resolved to immediately commence a strategic review of the business with the assistance of global investment banking advisors. The Board will provide an update on the strategic review in due course.

The post EML share price tumbles 15% as the walls close in even further appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro 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 EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. 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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The Block Inc (ASX: SQ2) share price is shooting higher on Friday.

In morning trade, the payments company’s shares are up 7% to $116.73.

Investors have been buying the Afterpay owner’s shares following the release of its fourth quarter update.

Block share price jumps on strong quarter

• Net revenue up 14% to US$4.65 billion
• Net revenue (excluding crypto) up 33% to US$2.82 billion
• Gross profit up 40% to US$1.66 billion
• Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) up 53% to US$281 million
• Net loss widened to US$114 million
• Adjusted net earnings per share of 22 US cents

What happened during the quarter?

For the three months ended 31 December, Block reported a 40% increase in gross profit to US$1.66 billion. This was driven by a 22% increase in Square gross profit and a 64% jump in cash app gross profit.

Block also revealed that excluding its buy now pay later (BNPL) platform, gross profit was US$1.46 billion. This appears to indicate that Afterpay contributed US$200 million of gross profit during the quarter.

But the real star of the show was the Cash App business, which delivered gross profit of $848 million, an increase of 64% year over year. This reflects a 16% year over year increase in monthly active users to 51 million, with two out of three transacting each week on average.

How does this compare to expectations?

According to data from Bloomberg, the market was expecting revenue of US$4.57 billion, gross profit of US$1.63 billion, and adjusted earnings per share of 28 US cents.

This means that Block has beaten on the top line and with its gross profit but has fallen short of expectations with its earnings per share.

Outlook

Management revealed that it has started FY 2023 positively.

It estimates that it will deliver Block gross profit growth of 33% and combined company gross profit growth of 25% in January and February based on current trends.

Management believes the latter is more representative of underlying growth trends. That’s because the Afterpay business was acquired at the end of January 2022 and the latter numbers assume the acquisition completed on 1 January and contributed $51 million gross profit in the prior corresponding period.

The post Block share price jumps 7% on Q4 profit beat appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro 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 Block. The Motley Fool Australia has positions in and has recommended Block. 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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