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The National Australia Bank Ltd (ASX: NAB) share price is pushing higher again on Wednesday.

In afternoon trade, the banking giant’s shares are up almost 1% to $29.10.

NAB share price outperforms

Today’s gain by the NAB share price means it is now up almost 4.5% in October. This makes it the best performer among the big four banks.

For example, since the start of the month, the Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price is up almost 1%, the Commonwealth Bank of Australia (ASX: CBA) share price is up 1%, and the Westpac Banking Corp (ASX: WBC) share price is down slightly.

Is it too late to invest?

The good news is that one leading broker still believes the NAB share price can rise further.

According to a recent note out of Goldman Sachs, its analysts have a conviction buy rating and $30.84 price target on its shares.

Based on the current NAB share price, this implies potential upside of 6%. And if you include Goldman’s forecast for a fully franked dividend of $1.40 per share in FY 2022, the total potential return stretches to ~11%.

What did the broker say?

There are a few reasons why Goldman is bullish on NAB.

It explained: “Our preference for NAB (Buy, on CL) is premised on i) NAB’s cost management initiatives, which seem further progressed relative to most of its peers and should drive productivity benefits sooner and free up investment spend to be directed more towards customer experience, as opposed to infrastructure; ii) given NAB’s position as the largest business bank and investment in its mortgage capability, we believe it is strongly positioned to benefit from the current recovery in both housing and commercial volumes; iii) NAB continues to effectively manage the balance between volumes and margins.”

The post The NAB (ASX:NAB) share price is outperforming its rivals this month: Is it a buy? appeared first on The Motley Fool Australia.

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• Own NAB (ASX:NAB) shares? Here’s how the bank upset activists this week
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• NAB (ASX:NAB) share price nudges 2-year, post-COVID high
• What is the outlook for the NAB (ASX:NAB) share price?
• Analysts rate these 2 ASX dividend shares as buys

Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. 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 Bruce Jackson.

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S&P/ASX 200 Index (ASX: XJO) energy shareholders are likely to welcome some of the news coming out Riyadh.

The Saudi Arabian capital is currently hosting an investment conference of leading Wall Street businesses.

And when it comes to the outlook for crude oil prices, some of the biggest players are forecasting another 15% or more increase from the current multi-year highs.

Crude oil to US$100 per barrel could lift ASX 200 energy shares

ASX 200 energy shares like Woodside Petroleum Limited (ASX: WPL), Oil Search Ltd (ASX: OSH) and Santos Ltd (ASX: STO), have been among the biggest beneficiaries of rocketing oil and gas prices.

Gas prices in Europe and much of Asia are now at all-time highs.

And Brent crude oil, currently at US$86.09 per barrel, is trading at multi-year highs.

But global asset manager BlackRock thinks the price could go far higher.

Attending the conference in Riyadh, BlackRock’s CEO Larry Fink said (quoted by Reuters), “We’re looking at a high probability of $100 oil.”

Just 12 months ago, Brent crude oil was trading for US$40.46 per barrel.

Since then, the ASX 200 has gained 23%. But the big energy companies have done far better.

Over the past 12 months the Woodside share price is up 34%, the Santos share price is up 40% and Oil Search shares have gained 56%.

That’s reflected in the S&P/ASX 200 Energy (ASX: XEJ) index, which is up 32% over the past full year.

If BlackRock has this right, oil and gas stocks could enjoy some more healthy tailwinds over the coming months.

And there’s more…

Looking forward to getting back in the air?

Are you planning on flying somewhere once the restrictions are finally lifted? If so, you’re not alone. And that could put further upward pressure on oil prices.

According to Amin Nasser, CEO of Saudi Aramco, the world’s biggest oil company, global energy companies aren’t investing enough to expand oil-output capacity today to meet the expected big lift in demand.

“The spare capacity is shrinking,” he said (quoted by Bloomberg). “If there’s aviation pick up next year, that spare capacity will be depleted. It’s now getting to a situation where there’s limited supply – whatever is left that’s spare is declining rapidly.”

ASX 200 energy shares performance snapshot

We saw that the 3 ASX 200 energy shares named above have done quite well over the past 12 months.

More recently, the Santos share price is up 6% over the past month. The Oil Search share price is up 7% in that same time, while Woodside shares have gained 5%.

As for the ASX 200, it’s up just under 1% over the past month.

The post ASX 200 energy shareholders will welcome this Blackrock forecast appeared first on The Motley Fool Australia.

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• What these brokers are saying about the Woodside (ASX:WPL) share price
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• Oil Search (ASX:OSH) share price up amid tighter production forecast
• 5 things to watch on the ASX 200 on Tuesday
• Woodside share price (ASX:WPL) lifts amid plans for major WA hydrogen project

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 Bruce Jackson.

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Chances are most Australians are familiar with Google, the world-famous search engine and now name behind a mind-boggling suite of different products. But most people don’t know that Google is itself owned by the parent company Alphabet Inc (NASDAQ: GOOG)(NASDAQ: GOOGL).

So if you want to have a look at Google’s business performance, you actually have to check out Alphabet. Luckily, we can do just that today. Alphabet has just reported its quarterly earnings for the quarter ending 30 September (Q3). So let’s take a look.

It’s been an unquestionably strong quarter for Alphabet. The company posted revenues of US$65.12 billion for the 3 month period, a whopping 41% increase from the US$46.17 billion the company posted in the same quarter last year.

Operating income came in at US$21.03 billion, an 87.56% rise from the US$11.21 billion over the same period last year. Net income was a little more muted at US$18.94 billion, but still a 68.34% rise from last year’s quarterly figure of US$11.25 billion.

Diluted earnings per share (EPS) also rose strongly. Alphabet brought in US$16.40 in EPS over Q3 2020 but this has risen by 70.67% to US$27.99 per share for Q3 2021.

Alphabet firing on all cylinders?

Breaking Alphabet’s revenue numbers down, we see some interesting trends. Alphabet’s ‘Google Search and other’ category brought in US$37.93 billion, a 44% increase year on year. Google’s YouTube platform comes under this category, with YouTube revenues rising 43% to US$7.21 billion.

Meanwhile, the Google loud division, which competes with Amazon.com Inc‘s (NASDAQ: AMZN) AWS and Microsoft Corporation‘s (NASDAQ: MSFT) Azure, also posted strong growth numbers. Google Cloud brought in US$4.99 billion in revenues over the quarter, up 44.89% year over year.

Similarly, we saw healthy growth numbers with the Google Services division too. Services brought in US$59.88 billion over the 3 months, up 40.66% from last year’s Q3 figure of US$42.57 billion.

Alphabet’s ‘Other Bets’ division is still a relative minnow though. Other Bets revenue was at US$182 million from the quarter, up 2.25% from last year’s quarterly revenue of US$178 million.

Alphabet also informed investors that over the quarter, the company undertook US$12.6 billion worth of share buybacks, with 4.6 million shares (500,000 Class A shares and 4.1 million Class C shares) retired over the period.

The Alphabet share price reacted erratically to these earnings in after-hours trading on the US markets early this morning (our time). Alphabet’s Class C shares (GOOG) closed at US$2,793.44 this morning and at US$2,783 in after-hours trading, down 0.37%. Class A shares (GOOGL) closed at US$2,786.17 and at US$2,760.46 after hours, down 0.92%.

At these share prices, Alphabet has a market capitalisation of… wait for it… US$1.86 trillion (with a T).

The post Google parent Alphabet posts double-digit growth numbers appeared first on The Motley Fool Australia.

More reading

• Why valuation multiples can be ‘useless’ in assessing ASX shares: expert

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen owns shares of Alphabet (A shares). The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Aurizon Holdings Ltd (ASX: AZJ) share price has been out of form in 2021.

Since the start of the year, the rail freight operator’s shares have fallen 11%.

Can the Aurizon share price bounce back and hit $3.70 by Christmas?

One leading broker that sees scope for the Aurizon share price to be trading in or around the $3.70 level by Christmas is Morgans.

This morning the broker retained its add rating but cut its price target on the company’s shares to $3.73. This price target cut was in response to management reducing its dividend payout ratio to ~70% to support credit metrics for the next couple of years.

Based on the current Aurizon share price of $3.46, this implies potential upside of almost 8% for its shares.

In addition, the broker is now forecasting a 20 cents per share dividend in FY 2022. If we add this into the equation, the total potential return increases to ~14%.

What did the broker say?

Last month the broker upgraded its recommendation on the Aurizon share price to an add rating on valuation and yield grounds. It feels this should be enough to offset ESG sustainability concerns for value investors.

It commented: “Following recent share price weakness, we upgrade to ADD. We would expect AZJ’s cash yield and cheap trading multiples to attract value investors tolerant of AZJ’s ESG and sustainability concerns.”

The broker also likes the company due to its defensive qualities.

Its analysts explained: “AZJ’s revenue protections and the essential and long-dated nature of its assets make its earnings less correlated with the business cycle, providing a defensive element to a portfolio. Also, its strong cashflows and debt capacity give it flexibility to pursue growth investment and/or undertake capital management initiatives.”

The post Could the Aurizon (ASX:AZJ) share price hit $3.70 by Christmas? 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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Aurizon Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Vulcan Energy Resources Ltd (ASX: VUL) share price has been put in the freezer after the lithium explorer was targeted by an activist research organisation.

J Capital launched a report on Vulcan and its Zero Carbon Lithium Project overnight. It claims the project’s pre-feasibility study is misleading.

Vulcan disputed the claims before the market opened this morning.

The company said the report published by J Capital contained inaccuracies and pointed out the publication admitted to being biased and profiting off the short-selling of stocks it reports on. Vulcan also pointed to the fact J Capital doesn’t hold an Australian Financial Services License. Therefore, the publication can’t give investment advice in the nation.

Right now, the Vulcan share price is $14.99. It has entered a trading halt while the company prepares another response to an online report. The company hasn’t clarified if its second response will be to the same report.

Let’s take a closer look at the J Capital allegations.

Vulcan share price halted after short seller’s damning report

The Vulcan share price has been frozen amid allegations its cornerstone project’s pre-feasibility study contains misleading data.

Vulcan’s Zero Carbon Lithium Project’s pre-feasibility study assumes the project’s geothermal brine will have a flow rate of between 100 litres and 120 litres per second. It also expects a lithium recovery rate of 90%.

However, according to J Capital, it’s unlikely the project will achieve those figures.

The publication states other nearby projects have seen flow rates of approximately 8 litres to 80 litres.

J Capital predicts the project will probably see a flow rate of around 70 litres per second. It also predicts a 70% lithium recovery rate.

The publication stated that if its assertions proved true, the amount of lithium extracted from the project would be roughly half of what Vulcan has predicted and the project would “fail commercially”.

Additionally, the publication questions the legitimacy of the independent consultants hired by Vulcan to complete the pre-feasibility study. It alleges Vulcan’s senior management either owned the consultants or acquired them shortly after they provided the study’s data.

Finally, J Capital claims the company is understating the risks associated with community backlash to the project. It commented that other projects in Germany’s Upper Rhine Valley have previously been halted due to community opposition.

Vulcan expects its share price will be halted until it either releases the pending response or the ASX opens on Friday.

The post What’s going on with the Vulcan Energy (ASX:VUL) share price today? 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 Bruce Jackson.

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The Westpac Banking Corp (ASX: WBC) share price is in the green. It comes after the company announced some changes to its board of directors.

At the time of writing, shares in one of Australia’s ‘big 4’ banks is trading for $25.85 – up 0.23%. For context, the S&P/ASX 200 Index (ASX: XJO) is 0.25% lower.

Let’s take a closer look at the news.

Changes at the top

In a statement to the ASX, Westpac announced Steve Harker will retire from the board by the end of the day.

Harker joined the Board in March 2019 and has been a member of the Board Audit, Board Legal, Regulatory & Compliance, and Board Remuneration Committees.

Westpac chair John McFarlane said:

On behalf of the Board, I would like to thank Steve for his considerable contribution to Westpac, in what has been a challenging time for the company.

Early this year Steve signalled he was considering retiring from the Board as he requires a double lung transplant and wants to focus on his health. We commend Steve for his professionalism and commitment to shareholders throughout his tenure and wish him a fast recovery.

While this is big news for the company, it is not price sensitive. So, what else could be affecting the Westpac share price?

Why the Westpac share price may be rising

Brokers are tipping big things for the Westpac share price in the near and medium terms.

As Motley Fool has previously reported, the bank is scheduled to release its full-year results on November 1 and Morgans is urging investors to buy this ASX 200 share.

This is despite the broker slashing its forecast final dividend to 30 cents a share from 54 cents a share after Westpac announced a $1.3 billion write-down.

“WBC is our preferred major bank,” Morgans is quoted as saying.

“We expect WBC to announce a $5bn off-market share buyback on 1 November and we expect investors to increasingly warm up to WBC’s medium-term cost out story.”

The broker has an “add” rating on the Westpac share price with a price target of $29.50 a share.

The post Westpac (ASX: WBC) share price rises as it announces changes to its board appeared first on The Motley Fool Australia.

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Motley Fool contributor Marc Sidarous owns shares of Westpac Banking Corporation. 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 Bruce Jackson.

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The Kingsgate Consolidated Limited (ASX: KCN) share price is tumbling today despite the company announcing the next step towards reopening its Chatree Gold Mine.

The company is planning to begin refurbishing the embattled mine, located in Thailand, starting in December.

While the news seems exciting, the market is sending Kingsgate’s stock into the red.

At the time of writing, the Kingsgate share price is $1.76, 10.86% lower than its previous close. Today’s movement follows yesterday’s unexplained 22% surge.

Let’s take a closer look at today’s news from the gold mining company.

Kingsgate share price lower on plans to refurbish Chatree

The Kingsgate share price is plunging lower despite the company announcing plans to start refurbishing its Chatree Gold Mine. Work will commence after its Metallurgical Processing Licence is activated and required mining leases are renewed.

The company is currently looking into starting the refurbishment at its Chatree North Plant.

That would allow the company access to approximately 6.6 million tonne of low-grade ore stockpiled at the mine. The ore contains around 73,000 ounces of gold and 780,000 ounces of silver.

Kingsgate expects the contained minerals could generate enough cash flow to fund other works at the site.

It’s also hoping to finally receive the Quartz mining lease. The company needs the Quartz lease before it can fully optimise the mine’s A Pit. The lease has been pending approval since 2011.

Update on negotiations

Another possible reason for the Kingsgate share price being dragged lower is on the back of an update to its settlement negotiations with the Royal Thai Government.

Last month, the company updated the market on its negotiations with the government to grant the company operating licences and permits.

Today, the company stated both it and the Thai Government have requested the arbitral tribunal continue to hold the award until 31 January 2022. The delay will provide both parties with the time to judiciously draft items and ratify settlement documentations.

The company has already begun working towards some negotiated settlement actions.

Exploration needed for the company to be granted access to prospective areas is underway. Drilling has begun at 22 of the 44 exploration areas granted to the company in the Phetchabun region. Kingsgate is also reviewing more strategic exploration areas with the Thai Government.

It’s in talks with Thai banks to establish lending terms that could help fund the reopening of the Chatree Gold Mine. However, the company isn’t certain it needs additional funding at this point.

Kingsgate is also looking at making a refining agreement with a Thai refinery. It believes the refinery could process doré from the Chatree Gold Mine.

The company is also looking at potentially constructing a renewable energy plant at Chatree and establishing a vaccination program for the community surrounding the mine.

Finally, the company is still moving to list Akara Resources on the Thai Stock Exchange.

The company noted:

While there can be no guarantee that the settlement… will be fully implemented, both Kingsgate and the Thai Government continue to work cooperatively together to achieve a negotiated outcome that provides the highest benefits for all stakeholders

The post Why has the Kingsgate (ASX:KCN) share price plunged 10% today? appeared first on The Motley Fool Australia.

More reading

• These were the 5 top performing ASX shares in September

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 Bruce Jackson.

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. The benchmark index is currently down 0.3% to 7,419.7 points.

Here’s what is happening on the ASX 200 today:

A2 Milk shares crash on investor update

The A2 Milk Company Ltd (ASX: A2M) share price is crashing today after the release of an investor update. That update laid out management’s strategy which is focused on rebuilding the company into an exciting, innovative and sustainable growth company. However, the embattled infant formula company’s plans reveal significantly lower margins compared to pre-COVID levels. It is also aiming to grow its sales to NZ$2 billion over the next ~five years. This compares to FY 2020’s pre-COVID sales of NZ$1.73 billion.

Woolworths update

It has also been a disappointing day for the Woolworths Group Ltd (ASX: WOW) share price. Its shares are tumbling following the release of an update at its annual general meeting. Although Woolworths revealed a 7.8% increase in group sales during the first quarter, it warned that momentum is slowing. The company advised that Australian Food sales have slowed in New South Wales as restrictions ease.

Codan’s contract win

The Codan Limited (ASX: CDA) share price is falling today despite announcing a major contract win. Codan has secured a multi-year A$37.6 million contract to supply Domo Tactical Communications software defined mesh radios to a publicly listed global technology corporation as part of a sensitive military program. Not even management stating that it is “confident of delivering a new record first half result” at its annual general meeting has been able to stop its shares from falling.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Reliance Worldwide Corporation Ltd (ASX: RWC) share price with a 5.5% gain. This morning Macquarie upgraded the plumbing parts company’s shares to an outperform rating with a $5.95 price target. The worst performer on the ASX 200 has been the A2 Milk share price with an 11% decline following its update.

The post ASX 200 (ASX:XJO) midday update: A2 Milk crashes, Woolworths tumbles appeared first on The Motley Fool Australia.

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• A2 Milk (ASX:A2M) share price crashes 12% on investor update
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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. owns shares of and has recommended Reliance Worldwide Corporation Limited. The Motley Fool Australia has recommended A2 Milk and Reliance Worldwide Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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There are some ASX dividend shares that may be able to provide consistent dividend income in retirement.

Not every business that pays a dividend has been steady with the income payments. There are a number of businesses that cut their payments to shareholders during the COVID-hit 2020 year such as Westpac Banking Corp (ASX: WBC), Transurban Group (ASX: TCL) and Sydney Airport Holdings Pty Ltd (ASX: SYD).

But there were some ASX dividend shares that maintained, and even grew, their payments during FY20 and FY21.

Brickworks Limited (ASX: BKW)

Brickworks is one of the older businesses on the ASX. It has been listed for decades.

The company’s normal dividend has been maintained or increased every year since 1976. That makes 45 years since the last decrease.

Whilst it is known for its building products divisions, management aim for its investments and property trust to fund the growing dividend from the ASX dividend share.

The ‘investments’ is its substantial shareholding of Washington H. Soul Pattinson and Co. Ltd (ASX: SOL), the investment conglomerate. This investment dates back to 1968. Brickworks says that the stake in WHSP has delivered outstanding returns, steadily increasing dividends and diversification.

Soul Patts recently merged with the listed investment company (LIC) Milton, which will provide increased scale, diversification and liquidity to pursue additional investment opportunities.

Brickworks also owns 50% of an industrial property trust with gross assets of more than $2.5 billion and a long development pipeline. Brickworks’ latest share of the net asset value of the property trust is $911 million.

The completion of pre-committed developments over the next two years will result in an uplift of around 60% in rent and leased asset value from the current value.

In an investor presentation, the ASX dividend share recently said:

We are proud of our long history of dividend growth, and the stability this provides to our shareholders.

At the current Brickworks share price, it has a grossed-up dividend yield of 3.6%.

Rural Funds Group (ASX: RFF)

Rural Funds is an agricultural real estate investment trust (REIT). The business owns a diverse and growing portfolio of assets. It is invested in cattle, almonds, macadamias, vineyards and cropping (cotton and sugar).

Not only is Rural Funds benefiting from the steady rental income that those farms are paying to the business, but it has a tactic of identifying properties that have the potential to be improved as Rural Funds re-invests some of its rental profit each year.

Making the farms more productive increases the value of them for the ASX dividend share as well as increasing the rental income potential.

Most of Rural Funds’ farms are leased to large, high-quality tenants that are more reliable for making rental payments, even in leaner economic times.

The business has a goal of growing the distribution for investors by 4% per annum.

In FY22, Rural Funds has provided guidance of distribution growth of 4% to 11.73 cents per unit. That translates to a forward distribution yield of 4.2%.

The post 2 ASX dividend shares that could provide steady income in retirement appeared first on The Motley Fool Australia.

More reading

• 2 quality ASX dividend shares with 4%+ yields
• Can the Brickworks (ASX:BKW) share price hit $30 by Christmas?
• 3 reasons why the Brickworks (ASX:BKW) share price could be a buy
• Could Brickworks (ASX:BKW) shares be a greener investment than first thought?
• 2 quality ASX dividend shares with 4%+ yields

Motley Fool contributor Tristan Harrison owns shares of RURALFUNDS STAPLED. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Brickworks. The Motley Fool Australia owns shares of and has recommended Brickworks and RURALFUNDS STAPLED. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Nitro Software Ltd (ASX: NTO) share price is within an arms reach of all-time highs after the company announced its September quarter results.

At the time of writing, the Nitro Software share price is up 2.25% to $3.63.

September quarter highlights

The document productivity software company posted strong growth rates across its key operating metrics. Some key highlights include:

• Annual recurring revenue (ARR) up 50% year-on-year
• Transition to a software-as-a-service business model gathering momentum, subscription revenue now represents 68% of total revenue compared to 56% a year ago
• Cash receipts rose 24% to US$14.0 million
• Cash and cash equivalents of US$31.4 million as at 30 September

Upgraded guidance

Nitro upgraded its FY21 guidance, reflecting its strong performance in the third quarter.

This is likely a catalyst driving the Nitro Software share price in today’s trading session.

The company reaffirmed its ARR from US$39 million to US$42 million.

It upgraded its revenue forecasts to between US$49 million and US$51 million, up from its previous guidance of US$47 million and $50 million.

Its operating earnings before interest, taxes, depreciation and amortisation (EBITDA) loss was also improved, forecast to be within the range of US$8 million to US$10 million compared to its previously US$9 million to US$11 million guidance.

Management commentary

Nitro’s Co-Founder and CEO Sam Chandler commented on the results, saying:

The response from existing and new customers has been terrific, and as our customers have adapted to the new work-from-anywhere environment, they have clearly embraced the flexibility offered by our trusted set of productivity tools. This is reflected in the acquisition of new customers, the expansion within our existing customer base, and the resulting growth of subscription revenues as a percentage of our overall business

Nitro Software share price snapshot

The Nitro Software share price is up 14% year-to-date and within an arms reach of its September all-time highs of $3.79.

The post Why is the Nitro Software (ASX:NTO) share price on the rise on Wednesday? appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Kerry Sun 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 recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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