Investors in National Australia Bank Ltd (ASX: NAB) over the past 12 months or so might be feeling lucky today as we put the 2022 financial year behind us.

FY2022 was not kind to ASX bank shares, or ASX shares in general for that matter. The financial year just gone saw the S&P/ASX 200 Index (ASX: XJO) lose 10.19% of its value. But several ASX bank shares did far worse.

Take Australia and New Zealand Banking Group Ltd (ASX: ANZ). Its shares went backwards by a painful 21.74% over FY2022. Commonwealth Bank of Australia (ASX: CBA) shares fared slightly better than the index, losing 9.5%.

But the NAB share price was a standout performer, gaining 4.46% for the financial year just gone. That makes it the best performing big four bank of FY2022.

But now that FY2022 is in the rearview mirror and FY2023 has begun, what are the experts saying about the NAB share price today?

Is the NAB share price a buy for FY2023?

Well, in some further good news for NAB investors, opinion seems consistently positive on the bank.

As discussed last weekend, one broker who is bullish on NAB shares right now is Goldman Sachs.

Goldman has recently reaffirmed a conviction buy rating for NAB shares with a 12-month share price target of $34.26. That’s a good 22% or so from where the bank sits today.

Goldman likes the look of NAB’s balance sheet and is also pencilling in a healthy dividend hike for FY2023 to $1.68 in dividends per share.

But Goldman Sachs is not the only ASX broker who likes the look of NAB shares for FY2023. As my Fool colleague Tristan covered just this week, brokers at Macquarie are also eyeing off the NAB share price.

Macquarie currently has NAB as its preferred ASX bank share. It has given NAB an outperform rating as well as a $29.50 share price target.

The broker is neutral on ANZ shares as well as Westpac Banking Corp (ASX: WBC) shares. Its least preferred bank is CBA, with an underperform rating.

So it looks as though broker opinion is rather bullish on NAB shares. No doubt that will be the cherry on top for investors, who have already been gifted with a marked year of outperformance by NAB.

At the current NAB share price, this ASX 200 bank share has a market capitalisation of $89.49 billion with a dividend yield of 4.99%.

The post Here’s what might happen to the NAB share price in FY2023 appeared first on The Motley Fool Australia.

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• Why the yield you’re getting on ASX dividend shares may not be as advertised
• Surprise US inflation pumps the brakes on ASX 200 bank shares
• What’s the outlook in FY23 for ASX 200 bank shares?
• Are falling BNPL shares pushing the ASX banks higher today?
• Here are the 5 best ASX 200 bank shares of FY22

Motley Fool contributor Sebastian Bowen has positions in National Australia Bank Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs. The Motley Fool Australia has recommended Macquarie Group Limited. 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 CSL Limited (ASX: CSL) share price could a strong performer in financial year 2023 (FY23). Indeed, the S&P/ASX 200 Index (ASX: XJO) healthcare giant appears to be a FY23 broker favourite.

The CSL share price outperformed the ASX 200 last financial year, slipping around 5% compared to the index’s 10% tumble.

Could the ASX 200 staple end FY23 in the green? Keep reading to find out what experts are predicting.

Brokers tip growth for CSL share price

The CSL share price could be a FY23 winner, according to brokers and industry experts.

The company operates in two major spaces: Blood plasma and influenza vaccines.

In addition to those businesses, it announced its plan to acquire Swiss biotechnology giant Vifor Pharma in December. The approximately $17 billion acquisition is expected to be completed in coming months.

That means FY23 will likely see the ASX 200 company posting earnings from Vifor Pharma for the first time.

Additionally, rebounding blood plasma collections seemingly bode well for the stock.

One top broker expecting big things from CSL is Citi.

The broker has tipped the stock to lift to $330, slapping it with a ‘buy’ rating, my Fool colleague James reports. Citi believes tough times for plasma have passed, saying:

With plasma collections now back to pre-pandemic levels, we expect the market to shift its focus to the strong underlying plasma product demand. This should lead to strength in the CSL share price.

There’s similar sentiment coming from Morgan Stanley’s camp, where analysts have put an ‘overweight’ rating and a $312 price target on CSL’s stock.

Meanwhile, the team at Macquarie Group Ltd (ASX: MQG) are also expecting the stock to lift to $312.

And the stock has gotten off to a strong start already this financial year. The CSL share price has lifted 10% since the end of June.

The above-mentioned brokers’ expectations represent a further upside of between 5%. and 11%.

The post Could FY23 be a good year for the CSL share price? appeared first on The Motley Fool Australia.

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• 3 ASX shares to buy in a sector suddenly soaring this month: expert
• Why is the CSL share price up 11% in a month?
• Top brokers name 3 ASX shares to buy today
• $264 million! The 10 highest-paid CEOs on the ASX
• What are brokers saying about the CSL share price?

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 CSL Ltd. The Motley Fool Australia has recommended Macquarie Group Limited. 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 Commonwealth Bank of Australia (ASX: CBA) share price is down 1.4% in morning trade, in line with the S&P/ASX 200 Index (ASX: XJO) losses.

CBA shares closed yesterday at $93.22 and are currently trading for $91.93.

It was shaping up to be a pretty good week for the big bank until Thursday rolled in.

Central banks could upset the apple cart

The CBA share price closed flat on Monday before gaining 1.2% on Tuesday and another 1.1% on Wednesday.

Then, on Thursday, investors were greeted with the latest round of inflation figures out of the United States. With a 1.3% increase in June, the world’s biggest economy reported a searing 9.1% annual inflation figures. That sees US inflation running at 40-year highs, and significantly higher than market expectations.

This almost guarantees continuing aggressive tightening from the US Federal Reserve, perhaps even a full 1% rate increase, with central banks the world over following suit.

Here in Australia, Thursday also saw the Australian Bureau of Statistics release the latest labour figures. Those pointed to record levels of employment even as the labour participation rate increased, with the unemployment rate falling 0.4% to a new low of 3.5%.

While it’s great to have most Aussies employed, this will put further upward pressure on wages, adding fuel to the inflation fire. And it also almost locks in another rate rise from the Reserve Bank of Australia in August, with analysts forecasting a rise of 0.50% to 0.75%.

The combination of these factors saw the CBA share price close down 1.5% yesterday even as the ASX 200 managed to gain 0.4%.

Why fast rising rates could stymie the CBA share price

Gradual rate rises can be good news for banks, as higher rates enable the banks to increase their lending margins.

But fast rising rates can pose some significant headwinds, and it’s these fears that look to have taken a bite out of the CBA share price yesterday.

If the RBA takes the cash rate too high too fast, it will put tremendous pressure on highly indebted homeowners and could see a surge in defaults. Fast rising rates will also decrease the appetite for new home loans from both investors and owner occupiers.

All this, while inflation erodes the overall spending power of the Aussie dollar.

The post Here’s what’s moving the CBA share price this week appeared first on The Motley Fool Australia.

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• Surprise US inflation pumps the brakes on ASX 200 bank shares
• What’s the outlook in FY23 for ASX 200 bank shares?
• Investors were seeking out ASX shares in June. Here’s why
• Are falling BNPL shares pushing the ASX banks higher today?
• Down 9%, can CBA shares bounce back in FY23?

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 Qantas Airways Limited (ASX: QAN) share price is falling amid news spiking COVID-19 cases are hampering the airline during one of its busiest periods.

The airline admitted the virus’ spread saw a high number of flights delayed or cancelled last week during the winter school holidays. And the airline’s still battling the impacts this week.

However, Qantas disputes a union’s claim that flight cancellations were related to staff shortages and poor management.

At the time of writing, the Qantas share price is $4.35, 1.36% lower than its previous close.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is currently down 1.69%.

Let’s take a closer look at the latest news from Australia’s national airline.

Qantas struggles through school holidays

The Qantas share price is in the red on Thursday amid news 15% of the company’s domestic flights were cancelled or delayed by more than an hour last week as Australian families travelled in the school holiday period.

The airline said its struggles were born from rising COVID-19 and influenza cases, as well as severe weather in NSW. And while it says conditions have improved this week, cases are still rising among staff.

It’s also preparing to fly 350,000 Australians across the nation over the next four days as school holidays come to an end in NSW, ACT, and WA. In a statement released today Qantas said:

Our on time performance isn’t where it needs to be but we’re continuing to make changes and are confident that we’ll continue to improve and get back to the levels we were pre-COVID.

To do so, it’s using larger planes normally reserved for international routes to carry domestic passengers this weekend. It has also placed more staff on standby.

However, some believe the airline is at fault for the chaos. The Australian Licensed Aircraft Engineers’ Association (ALAEA) is said to blame flight cancellations on staff shortages and poor management.

Qantas has hit back at such claims, saying spreading illnesses and a tight labour market are impacting other domestic and international airlines too.

Qantas share price snapshot

The Qantas share price is struggling on the ASX this year.

It has fallen nearly 15% since the start of 2022.

It’s also currently 6% lower than it was this time last year.

The post Qantas share price slips amid COVID’s continuing toll   appeared first on The Motley Fool Australia.

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• Own ASX travel shares? Here’s the outlook for FY23
• Here are the top 10 ASX shares today
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• How did ASX 200 travel shares go in FY22?

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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The WiseTech Global Ltd (ASX: WTC) share price is leaping higher today.

This comes after the company just dropped upgraded its latest release revealing an upgraded guidance for the 2022 financial year.

At the time of writing, shares in the logistics solutions company are up 7.22% at $45.75.

What did WiseTech announce?

The WiseTech share price is on the move today after the company reported a positive update on the ASX.

In its release, WiseTech advised that it expects FY22 revenue to be at the top end of its $600 million to $635 million guidance range. This represents a growth of 18% – 25% on FY21’s revenue of $507.5 million.

In addition, the FY22 EBITDA range received a bump up from its previous guidance of $275 million to $295 million.

Due to strong top line growth and cost efficiencies, FY22 EBITDA is now forecasted to be between $310 million and $320 million.

When comparing against the $206.7 million achieved in FY21, this reflects a sizeable increase of around 50% – 55%.

The company stated that it will release its full year audited results on 24 August 2022.

Management commentary

Richard White, founder and CEO of WiseTech, touched on the company’s result, saying:

We are upgrading our FY22 guidance, with our performance reflecting the resilience of the WiseTech business model and strategy through the cycle.

Our product led approach and focus on our 3P strategy has enabled us to continue to deliver strong top line growth and drive significant operating leverage.

About the WiseTech share price

Over the past 12 months, the WiseTech share price has gained 40% despite moving in circles throughout the year.

Market volatility amid soaring inflationary movements and rate hikes appears to have weighed on the company’s shares.

During June, the company’s shares fell to a near 52-week low of $34.11 before quickly rebounding in the following weeks.

It’s worth noting that WiseTech shares are 30% off their all-time high of $60.40 reached in December 2021.

The company commands a market capitalisation of roughly $13.59 billion.

The post WiseTech share price leaps 7% higher following upgraded guidance appeared first on The Motley Fool Australia.

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• What I’d do with 3 ASX shares that have plunged this year: expert
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• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor Aaron Teboneras 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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The Jumbo Interactive Ltd (ASX: JIN) share price is sinking on Friday morning following the release of the company’s preliminary full-year results.

At the time of writing, the lottery ticket seller’s shares are down 10% to $12.97.

Jumbo share price tumbles after results miss expectations

Here’s a summary of how it performed during FY 2022 (unaudited):

• Total Transaction Value up 36% to $660.1 million
• Revenue up 27% to $103.8 million
• Underlying EBITDA up 14% to $54.0 million
• Underlying NPAT up 16% to $31.6 million

How does this compare to expectations?

While this looks pretty good on paper, as you might have guessed from the Jumbo share price performance, this was short of expectations.

For example, consensus estimates reveal that the market was expecting revenue of $107.01 million, EBITDA of $56.41 million, and net profit of $33.29 million.

Management commentary

Jumbo’s CEO and founder, Mike Veverka, was pleased with the company’s performance in FY 2022. He said:

We are very pleased with the strong growth that we have achieved in FY22 off the back of an improved jackpot cycle. FY22 has been a pivotal year for Jumbo as we build the foundations to successfully execute on our global growth strategy. Lottery Retailing is exceptionally well positioned to benefit from the ongoing shift to digital and the new OzLotto game launched in May 2022 while the integration of Stride and StarVale will help us build scale in our Managed Services and SaaS segments globally.

The domestic jackpot environment remains supportive with 43 Powerball/OzLotto jackpots greater than or equal to $15 million in FY22, compared to 38 in FY21, with the average value of these jackpots up 28%. 2H22 benefitted from a $120 million Powerball jackpot in February 2022, the first jackpot greater than $100 million since September 2019. This however was followed by significantly lower jackpot activity in March and April 2022, with peak monthly Jackpots of $20 million, before increasing to $80 million and $60 million in May and June respectively.

FY 2023 outlook

While no guidance has been provided for FY 2023, management has given the market an idea of what lies ahead.

This includes an increase in its cost of goods sold due to its Lottery Corporation Ltd (ASX: TLC) service fee rising from 2.5% to 3.5%.

Excluding this, underlying operating cost growth is anticipated to moderate, with Jumbo targeting an increase of 20% to 22%. This compares to 32% growth in FY 2022. This is expected to lead to its underlying EBITDA margin falling slightly to 48% to 50% from 52% in FY 2022.

In respect to sales, as always, jackpots remain a significant driver of Lottery Retailing ticket sales. As a result, there is uncertainty as to the exact number and aggregate value of large jackpots and thus its sales.

The post Jumbo share price sinks 10% on FY22 earnings miss appeared first on The Motley Fool Australia.

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• 2 appealing ASX All Ords growth shares getting discounted today
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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 Jumbo Interactive Limited. The Motley Fool Australia has recommended Jumbo Interactive Limited. 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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If you’re searching for dividend shares to add to your income portfolio, then the two listed below could be top options.

Analysts have rated these dividend shares as buys and are forecasting attractive yields in the coming years. Here’s what you need to know about these dividends shares:

Accent Group Ltd (ASX: AX1)

The first ASX dividend share to consider is Accent. It is the owner of a growing portfolio of footwear focused store brands including Athlete’s Foot, HYPEDC, Pivot, Platypus, Sneaker Lab, and Stylerunner.

It has unfortunately been a tough year for Accent due to lockdowns and now rising living costs and softer consumer spending. This has seen investors sell down the company’s shares, leaving them trading close to their 52-week low.

The team at Bell Potter appears to see this as a buying opportunity. Its analysts believe investors should focus on the long term due to its “dominant market share in the Australian footwear retailing industry and growth outlook in the youth focused sports apparel.”

The broker currently has a buy rating and $2.20 price target on the company’s shares.

In respect to dividends, Bell Potter has pencilled in a fully franked dividend of 5.8 cents per share in FY 2022 and then 10.7 cents per share in FY 2023. Based on the current Accent share price of $1.39, this will mean yields of 4.2% and 7.7%, respectively.

Wesfarmers Ltd (ASX: WES)

Another ASX dividend share that could be in the buy zone is this conglomerate.

Wesfarmers is the company behind a range of businesses such as Bunnings, Catch, Covalent Lithium, Kmart, Officeworks, and Priceline.

Although inflation and rising living costs are likely to be putting pressure on its retail businesses, the team at Morgans remains very positive. In fact, its analysts are optimistic the company will be able to navigate the tough retail environment due to its value offering. The broker thinks “Kmart is well-placed to benefit with the average price of an item at around $6-7.”

In light of this, its analysts have put an add rating and $58.40 price target on its shares.

As for dividends, Morgans is forecasting fully franked dividends per share of $1.65 in FY 2022 and $1.81 in FY 2023. Based on the current Wesfarmers share price of $45.51, this will mean yields of 3.6% and 4%, respectively.

The post Why analysts say these excellent ASX dividend shares are buys appeared first on The Motley Fool Australia.

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• How much have Wesfarmers shares paid in dividends over the last 5 years?
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• What’s the outlook for the Wesfarmers share price over the rest of 2022?
• Does the FY23 outlook make ASX retail shares look like bargains?
• 2 top ASX dividend shares that analysts rate as buys

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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. 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 AVZ Minerals Ltd (ASX: AVZ) share price was scheduled to return to trade on Friday after being suspended for over two months.

However, once again, the lithium developer has requested that its shares remain offline.

What’s going on with the AVZ share price?

The AVZ share price has been out of action since 9 May while it sorts out an ownership dispute relating to the Manono Lithium Project in the Democratic Republic of the Congo.

It is battling a proceeding relating to what it describes as the “meritless claim that La Congolaise D’Exploitation Miniere SA (Cominière) has transferred a 15% interest in Dathcom Mining SA (Dathcom) to Jin Cheng.” Dathcom is the owner of the mining licence for the Manono Lithium Project.

There are concerns that AVZ could be left owning 60% of Dathcom if things don’t go to plan. But that’s before the proposed sale of a 24% stake to Suzhou CATH Energy Technologies. If that also goes ahead, the company could end up with just a 36% interest in Dathcom and the Manono Lithium Project.

What are they fighting over?

The Manono Lithium Project is located 500km north of Lubumbashi in the south of the Democratic Republic of Congo. It is home to the Roche Dure Mineral Resource, which is believed to be one of the largest undeveloped hard rock lithium deposits in the world.

Despite being a long way from any decent infrastructure, the company believes it is strategically positioned as a clean, sustainable source of lithium. Management also believes it could significantly contribute to the green energy transition and feed the global lithium-ion battery value chain.

Once operational, initial production is expected to be 700,000 tonnes per annum of lithium spodumene concentrate with 6% lithium oxide content (SC6) and 46,000 tonnes per annum of primary lithium sulphate.

As a comparison, Pilbara Minerals Ltd (ASX: PLS) is targeting production of 373,000 to 377,000 dmt of spodumene concentrate in FY 2022.

What’s the latest?

This morning the company requested that its suspension continue until 29 July. It commented:

The Company regrets that the voluntary suspension period has lasted longer than was intended. During this period, the Company has been actively engaged with the highest levels of the Government with respect to the grant of the Mining Licence and an update regarding its exploration rights for the Manono Project.

Whilst the Company remains confident of a positive outcome, it will be necessary to continue the period of voluntary suspension as the subject of the initial trading halt request remains incomplete.

Drilling resumes

In other news, AVZ revealed that diamond drilling is recommencing at the Manono Project with the objective of significantly increasing lithium resources and reserves at Roche Dure.

AVZ’s Managing Director, Nigel Ferguson, said:

Given the imperatives around sourcing battery minerals for the global green-energy transition and in line with our February 2022 announcement of funding of a drilling program as part of our Early Works Program, I am pleased to confirm that drilling has recommenced at Roche Dure.

Drilling at the north-east end of the known orebody, in areas previously inaccessible due to surface water, is aimed at significantly increasing the known lithium-rich ore resources in this area. This will underpin our future plans to extend the stated mine life at Manono, should this drilling campaign prove to be successful.

The post What’s going on with the AVZ share price? appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Friday
• Why did the AVZ share price thump the market in FY22?
• Guess which 2 ASX shares were the best and worst All Ordinaries performers of FY22
• The AVZ Minerals share price went nowhere in June. Here’s why
• ASX 200 midday update: Regis Resources jumps, BHP and Rio Tinto drop

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 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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Despite falling 16.5% so far in 2022, the JB Hi-Fi Limited (ASX: JBH) share price has gained modest value over the past five years — up by almost 65%.

The retailer’s shares hit an all-time high of $56.85 on 30 March but have since tumbled due to extreme market volatility and negative sentiment.

Investors have expressed their concerns about a possible recession due to high inflation levels and rate hikes by the Reserve Bank.

For context, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) is down by 21% this year.

Nevertheless, while the JB Hi-Fi share price trades near 52-week lows, have the dividends been worthwhile over the long term?

JB Hi-Fi dividend history

Regardless of the company’s recent share price weakness, the JB Hi-Fi board has continued to increase its dividends to shareholders.

Below, we take a look at the past five years’ worth of dividends from JB Hi-Fi.

• September 2017 – 46 cents (final)

• March 2018 – 86 cents (interim)

• September 2018 – 46 cents (final)

• March 2019 – 91 cents (interim)

• September 2019 – 51 cents (final)

• March 2020 – 99 cents (interim)

• September 2020 – 90 cents (final)

• March 2021 – $1.80 (interim)

• September 2021 – $1.07 (final)

• March 2022 – $1.63 (interim).

Calculating the above JB Hi-Fi dividends since 2017 gives us a total figure of $9.59 for every share owned. That’s almost a quarter of the value of JB Hi-Fi’s last traded share price – $40.77.

Even without factoring in the 63.7% capital gain delivered to investors since 2017, the JB Hi-Fi dividend has shown its worth – particularly since 2021.

JB Hi-Fi share price snapshot

Over the past 12 months, JB Hi-Fi shares have lost 15% following tough macroenvironmental conditions.

JB Hi-Fi has a dividend yield of 6.62% which is one of the highest yields for an ASX 200 company.

In terms of market capitalisation, the company is valued at approximately $4.45 billion.

The post Has the JB Hi-Fi dividend been worthwhile in the past 5 years? appeared first on The Motley Fool Australia.

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More reading

• Does the FY23 outlook make ASX retail shares look like bargains?
• Why did the JB Hi-Fi share price fall more than 20% in FY22?
• Down 16% in June: What put the JB Hi-Fi share price on sale?
• Why are ASX 200 retail shares getting bought up today?
• How did ASX 200 retail shares perform in June?

Motley Fool contributor Aaron Teboneras 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 Rio Tinto Limited (ASX: RIO) share price will be on watch this morning.

This follows the release of the mining giant’s second-quarter production update.

What did Rio Tinto report?

For the three months ended 30 June, Rio Tinto reported iron ore shipments of 79.9Mt. This was up 5% over the prior corresponding period and 12% quarter on quarter.

The good news for the Rio Tinto share price is that this was ahead of expectations. For example, Goldman Sachs was expecting quarterly iron ore shipments of 78.7Mt and the consensus estimate was for 79.3Mt.

This took Rio Tinto’s first-half iron shipments to 151.4Mt, which is down 2% over the prior corresponding period. This was driven by skilled labour supply constraints, COVID-19 disruptions, first quarter delays of mine replacement projects, and significantly higher than average rainfall in May.

What else?

Rio Tinto also reported a 4% quarter on quarter increase in bauxite production to 14.1Mt, a 1% lift in mined copper production to 126kt, and a 1% decline in aluminium production to 731kt.

This is a mixed result compared to Goldman’s forecast of 13.8Mt, 137kt, and 755kt, respectively.

Guidance

Despite warning that it is currently experiencing elevated levels of unplanned absences at its Pilbara operations due to COVID-19 case spikes in Western Australia, the mining giant has left its FY 2022 iron ore shipments guidance unchanged at 320Mt to 335Mt.

It has also left its bauxite production guidance unchanged at 54Mt to 57Mt and its copper production guidance unchanged at 500kt to 575kt.

However, it has been forced to downgrade its alumina production range to 7.6Mt to 7.8Mt (from 8Mt to 8.4Mt) and aluminium production by 0.1Mt to 3Mt to 3.1Mt.

Positively, the company’s Pilbara iron ore 2022 unit cost guidance of US$19.5 to US$21 per tonne remains unchanged. As does its copper C1 unit cost guidance of 130-150 US cents/lb.

Though, it has warned that higher rates of inflation have increased its closure liabilities and impacted its underlying earnings. In the first half, this resulted in increased charges of approximately US$400 million pre-tax within underlying earnings compared with the first half of 2021, including a US$300 million increase in amortisation of discount, with the remainder impacting underlying EBITDA.

Management commentary

Rio Tinto’s chief executive, Jakob Stausholm, appeared pleased with the quarter. He commented:

We strengthened our operational performance at a number of sites, which we will now replicate across the portfolio.

We made progress against our four objectives during the first half and we are determined to further strengthen Rio Tinto while investing to grow in the commodities needed for the energy transition, decarbonise our portfolio, be a partner and employer of choice, maintain our tight capital allocation and continue to pay attractive dividends.

The post Rio Tinto share price on watch after stronger than expected iron ore shipments appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• Own Rio Tinto shares? The company’s leaning into demand for this high-value metal
• These ASX 200 mining shares are bolstering the market today
• Why did the Rio Tinto and BHP share price struggle today?
• Here’s the outlook for the Rio Tinto share price in FY23

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 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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