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The S&P/ASX 200 Index (ASX: XJO) has started the week strongly and is racing higher. In afternoon trade, the benchmark index is up 0.9% to 6,868.2 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:

Advance NanoTek Ltd (ASX: ANO)

The Advance NanoTek share price is down 4% to $3.72. This is despite there being no news out of the advanced materials company. However, the company has been struggling recently due to a collapse in demand for its products from sunscreen manufacturers. As a result, it is expecting to report a $90,000 first half profit. This compares to $4.8 million in the prior corresponding period.

Incitec Pivot Ltd (ASX: IPL)

The Incitec Pivot share price is down 2.5% to $2.57. Investors have been selling the chemicals company’s shares following the release of a trading update. That update revealed that its Dyno Nobel Americas Explosives segment is experiencing unplanned downtime due to equipment failure. The total earnings impact of the outage is expected to be US$11 million and will be included in the first half results.

Starpharma Holdings Limited (ASX: SPL)

The Starpharma share price has fallen 3% to $2.29. This decline appears to have been driven by profit taking from some investors. Last week the dendrimer products developer’s shares hit a record high following a positive announcement. This meant that prior to today, the Starpharma share price was up 53% since the start of the year.

Zoono Group Ltd (ASX: ZNO)

The Zoono share price is down over 7% to 82 cents. This latest decline means the biotech company’s shares have now lost two-thirds of their value over the last six months. Investors have been selling Zoono shares after sales of its sanitiser products weakened considerably. Zoono recently reported second quarter cash receipts of $5.5 million. This was down from $15 million in the first quarter.

More reading

• ASX 200 up 0.8%: Nearmap jumps, Bendigo and Adelaide Bank impresses
• Incitec (ASX:IPL) share price falls on performance update
• Wilson Asset Management thinks these 2 ASX shares are a buy
• Why Novonix, Recce, Singular Health, & Starpharma shares are storming higher
• Here’s why the Starpharma (ASX:SPL) share price just stormed to a record high

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 Advance NanoTek Limited and Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Advance NanoTek, Incitec Pivot, Starpharma, & Zoono are tumbling lower appeared first on The Motley Fool Australia.

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BARD1 Life Sciences Ltd (ASX: BD1) shares are rocketing higher again today following the company’s latest positive report on its breast cancer testing technology. At the time of writing, the BARD1 share price is up 53.89% to $2.57.

At one point during morning trade, BARD1 shares reached $2.72, representing a new 52-week high for the company. 

What’s causing the BARD1 share price to explode?

The BARD1 share price is going gangbusters this morning after the company reported additional data relating to its SubB2M technology from Griffith University shows 100% specificity and over 95% sensitivity for detection of all stages of breast cancer.

BARD1 stated it intends to develop and commercialise its blood tests to enable earlier detection of breast cancer, improving patients’ treatment decisions and health outcomes.

According to Griffith University’s Dr Lucy Shewell, the research also showed that SubB2M could potentially be used to monitor patients for disease recurrence. She stated:

SubB2M has the potential to be useful as a diagnostic marker for the detection of early-stage breast cancer, as well as a tool for monitoring disease progression in late-stage cancer.

And Griffith University’s Professor Mike Jennings added:

The SubB2M technology has proved to have remarkable sensitivity and specificity for detection of these aberrant sugar biomarkers in blood for both breast and ovarian cancers.

Commenting on the latest findings, BARD1 CSO Dr Peter French said:

Whilst this data is preliminary, these excellent results reported by the researchers at Griffith University support the commercial potential of SubB2M for both breast and ovarian cancer monitoring and detection.

Last Thursday 11 February, BARD1 reported on the success of this same technology in detecting ovarian cancer. That announcement also saw the BARD1 share price surge.

And SubB2M may have even broader applications in the fight against cancer.

BARD1 CEO Dr Leearne Hinch said:

Our SubB2M technology is a revolutionary platform with potential for the development of tests for monitoring and detection of multiple cancers.

Foolish takeaway

The BARD1 share price has been on a tear over the past week. Including today’s intraday gains, shares are up more than 300% since last Tuesday’s opening bell. Year to date, the BARD1 share price is up by a similar percentage. For comparison, the All Ordinaries Index (ASX: XAO) is up 3% so far in 2021.

More reading

• Why is the BARD1 Life Sciences (ASX:BD1) share price rocketing 78%?

Motley Fool contributor Bernd Struben 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 Atomos Ltd (ASX: AMS) share price is blazing up this morning after the video camera equipment maker released its results for the first half of FY21.

Let’s look at some key information from the results this morning that spearheaded the price movement.

Why is the Atomos share price pushing up?

In the first half results released to the market this morning, Atomos reported its strongest half for sales in its history, notching up $32.8 million worth during the period. Atomos also posted its most profitable half on record, with earnings before interest, tax, depreciation and amortisation (EBITDA) up 210% to $3.0 million.

In its first-half FY21 investor presentation, the company pointed out the strong growth in activations of the Apple Inc (NASDAQ: AAPL) video format, ProRes RAW, that only Atomos is licensed to natively record. Activations reportedly grew fivefold in 12 months.

The cash flow positive half also added $4.5 million to the company, putting cash levels on the balance sheet at $23.3 million as of 31 December 2020.

Management also advised the company continues to invest in product development, including an anticipated software upgrade option that could provide another revenue stream for the business.

Second half in the frame for Atomos

According to management, sales momentum has carried into the second half. The company remains cautious of COVID-19 impacts on trade but expects continued good progress.

The company also noted that Jeromy Young would move to the role of founder, where he will focus on future products, partnerships, and growth opportunities. Chris Tait will remain in the position of executive chair.

On the structural change, Young commented:

With this new role I am very excited to be focusing my time on creating and developing new product and revenue ideas, getting back to more of what I used to do 10 years ago when I (and Ian Overliese) founded Atomos.

Over the past year, we have significantly strengthened our management team, which now puts us in a position where others can take over the daily administrative duties, leaving me to focus solely on growing Atomos into a much more substantial global company.

Atomos share price snapshot

At the time of writing, the Atomos share price is up 12.3% to $1.05. Even with today’s dramatic jump, shares are still trading below their 52-week high of $1.315 and are down 24.6% for the year. For comparison, the S&P/ASX 200 Index (ASX: XJO) is down 3.6% over the same period.

Including today’s increase, Atomos now has a market capitalisation of $204.28 million.

More reading

• Why Atomos, Bendigo and Adelaide Bank, Coca-Cola Amatil, & Nearmap are racing higher

Mitchell Lawler owns shares of Apple. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Apple. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Atomos Ltd. The Motley Fool Australia has recommended Apple and Atomos Ltd. 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 Monday the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. The benchmark index is currently up 0.8% to 6,862.9 points.

Here’s what is happening on the market today:

Nearmap reponds to short seller and releases half year update

The Nearmap Ltd (ASX: NEA) share price is racing higher today after responding to a short seller report and releasing its half year results. In respect to the latter, the aerial imagery technology and location data company reported annual contract value (ACV) of $112.2 million on a reported basis and $116.7 million on a constant currency basis. This represents a 16.1% and 21% increase, respectively, over the prior corresponding period. Management also comprehensively refuted all of the short seller’s allegations.

Bendigo and Adelaide Bank update impresses

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is surging higher today after the release of its half year results. For the six months ended 31 December, the regional bank reported total income growth of 3.3% to $849 million and cash earnings growth of 1.9% to $219.7 million. Management advised that this was driven by growth in its lending portfolios and an increase in hedging revenue. This managed to offset a 7 basis points decline in its net interest margin to 2.30%. The bank also reported a sizeable reduction in its bad debts.

Altium half year results

The Altium Limited (ASX: ALU) share price is edging lower today after releasing its half year results. The electronic design software provider reported a 4% decline in revenue to US$80 million (not including its divested Tasking business). On the bottom line, Altium’s net profit after tax fell 12% to US$16.6 million. Looking ahead, management reaffirmed its full year revenue guidance of US$190 million to US$195 million. Once again, this excludes the Tasking business.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Nearmap share price with a gain of 12%. This follows the aforementioned release of its half year results and short seller response. The worst performer has been the Incitec Pivot Ltd (ASX: IPL) share price with a 2.5% decline following its update.

More reading

• Nearmap (ASX:NEA) share price soars 14% after response to short sellers
• Why Atomos, Bendigo and Adelaide Bank, Coca-Cola Amatil, & Nearmap are racing higher
• A turbulent tale of 2 ASX biotech shares: Polynovo (ASX:PNV) and Pro Medicus (ASX:PME)
• Why the Altium (ASX:ALU) share price is inching lower
• Incitec (ASX:IPL) share price falls on performance update

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 Nearmap Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Altium. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 up 0.8%: Nearmap jumps, Bendigo and Adelaide Bank impresses appeared first on The Motley Fool Australia.

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GPT Group (ASX: GPT) shares are on the rise this morning following release of the company’s annual results. At the time of writing, the GPT share price has jumped 3.39% to $4.27.

Let’s take a look at what the company reported.

What’s driving the GPT share price?

The GPT share price is pushing higher today despite the fact the company reported funds from operations (FFO) of $554.7 million for the 12 months ended 31 December 2020, down 9.6% compared to the prior year.

The group recorded a statutory net loss after tax in 2020 of $213.1 million, compared to a statutory net profit after tax of $880 million in 2019. 

However, operating net income was $280.2 million, up 1.8 % compared to 2019.

GPT reported an investment portfolio totalling $24.4 billion in assets under management (AUM) for the annual period.

The company’s property portfolio is presently 98.4% occupied, and 2020 rent collections totalled $95.3 million.

Despite the impacts of coronavirus, GPT Group collected 94% of net billings during the period.

The group’s property portfolio valuation dropped 4.8% compared to the previous year, based on an independent revaluation as at 30 December 2020.

GPT noted that its logistics portfolio has grown from $1.9 billion to $3 billion over the past two years. The company also advised it has increased capital allocation to logistics, which is now 21% of group assets.

The property investor reported liquidity of $1.8 billion which it claims fully funds current commitments through to 2024.

Outlook

Looking ahead, GPT intends to continue growing its logistics portfolio via acquisition and development. GPT has additional plans to expand its funds management platform further.

The company will progress its development pipeline opportunities throughout the year in response to changing market conditions.

Given the continued uncertainty in the business environment caused by the pandemic, no 2021 earnings or distribution guidance was provided. However, GPT expects to deliver 2021 earnings and distribution guidance with its March 2021 quarterly update.

A share buy-back program has been announced for up to 5% of securities on issue as GPT maintains its capacity to invest in strategic growth opportunities.

Company snapshot

GPT is a property investment company which owns and manages a portfolio of Australian retail, office and logistics property assets.

The company also manages three funds, the GPT Wholesale Office Fund (GWOF), the GPT Wholesale Shopping Centre Fund (GWSCF) and the GPT Metro Office Fund (GMF).

Over the past 12 months, GPT Group shares have fallen by more than 32%. Based on the current GPT share price, the company commands a market capitalisation of around $8 billion.

More reading

• ASX 200 up 0.8%: Nearmap jumps, Bendigo and Adelaide Bank impresses
• The Beach Energy (ASX:BPT) share price is on the rollercoaster today. Here’s why
• Nearmap (ASX:NEA) share price soars 14% after response to short sellers
• Why Atomos, Bendigo and Adelaide Bank, Coca-Cola Amatil, & Nearmap are racing higher
• A turbulent tale of 2 ASX biotech shares: Polynovo (ASX:PNV) and Pro Medicus (ASX:PME)

Motley Fool contributor Gretchen Kennedy 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.

The post Why the GPT Group (ASX:GPT) share price is on the rise today appeared first on The Motley Fool Australia.

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The Beach Energy Ltd (ASX: BPT) share price is wobbling in morning trade, falling almost 1% on open, then shooting higher before dropping again. At the time of writing, the Beach Energy share price is trading at $1.75, down 0.28%.

This comes after the company released its results for the first half of the 2021 financial year (H1 FY21).

What did Beach Energy report?

In this morning’s release, Beach Energy reported a net profit after tax (NPAT) of $128.7 million. That’s down 53% from the first half of the 2020 financial year. The company pointed to a 40% decline in its realised oil price for the fall, saying production had remained steady at 13.0 million barrels of oil equivalent (MMboe).

Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at $407 million. Beach Energy noted that this was impacted by $39 million of exploration expenses, mostly around its Wherry, Ironbark and Bonaparte sites.

On 31 December, the company had $114 million of cash on hand and $290 million of undrawn loan facilities.

While its Western Flank oil production increased approximately 8% over H1 FY20, the company reported the decline rates in a number of those wells is higher than expected. It’s still studying the cause for this.

Commenting on the results, Beach Energy managing director Matt Kay said:

When you take stock of what has happened in the past six months, it’s extremely pleasing to see we have well and truly set the foundations for growth. It’s not every day you can look back at a half and say you reached FID at an LNG project the scale of Waitsia, delivered a material liquids rich gas discovery in the Otway Basin and executed two value-accretive acquisitions.

Kay added that the half-year was the company’s safest ever, with 1 million injury-free hours worked.

Looking ahead, Kay said:

Working with our joint venture participants, we continue to progress the project [Waitsia] towards first gas in the second half of calendar year 2023. Waitsia is set to supply high quality, long-life reserves to both the global LNG and west coast domestic gas markets…

Beach Energy announced will pay an interim dividend of 1 cent per share (cps), fully franked.

Beach Energy share price snapshot

The Beach Energy share price has yet to fully recover from the big hit energy shares took in the fallout of COVID-19 early last year. Over the past 12 months, Beach Energy shares are down 17%. However, they’re up 86% from the 23 March 2020 lows.

Year-to-date, the Beach Energy share price is down 4%. That compares to a 3% gain on the S&P/ASX 200 Index (ASX: XJO).

More reading

• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Tuesday
• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Tuesday
• Why Beach, Fortescue, Iluka, & Temple & Webster shares are dropping lower

Motley Fool contributor Bernd Struben 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 Nearmap Ltd (ASX: NEA) share price is soaring today. This comes as Nearmap released its response to a short-seller attack that resulted in it requesting a trading halt Friday afternoon. At the time of writing, the Nearmap share price is exploding by 14.35% to $2.47.

The imaging provider also released its half-year results this morning which included valuable rhetoric on the short-seller saga. Contrary to the short sellers’ article, Nearmap posted record performance in North America.

Short-seller attacks

Last Friday, news of the short seller attack hit the Nearmap share price, causing it to fall by more than 7%. Hong Kong-based J Capital Research targeted the aerial imaging company’s shares before it was hurried into a trading halt.

J Capital claimed that Nearmap was struggling in the United States market and using accounting errors to pull the wool over investors’ eyes. The shorting firm also made the point that Nearmap’s churn is currently sitting at 28% in the US. This suggested that almost one in five clients who have trialled the service opt not to continue using it.

Nearmap share price rebounds

The Nearmap share price is rising strongly this morning as the company posted its response to what it calls an “erroneous” report. Nearmap claimed that “the report contains many inaccurate statements and makes unsubstantiated allegations of a very serious nature.”

In reply to the report, Nearmap responded with details regarding its US market strategy, technology and accounting practices.

Importantly, management addressed the claim that “Nearmap has failed to succeed in any key sector in the U.S.” Nearmap highlighted that in the results released today, North American annual contract value (ACV) increased by 41% to US$35.1 million, representing record half-year growth. Moreover, Nearmap’s growth in each of its three key verticals (insurance, government and roofing) was strong. Roofing was the pick of the bunch, up 198% on the prior half.

Regarding the company’s churn, management denied J Capital’s claims, highlighting its FY21 first-half result of 6.5% churn up until 31 December 2020.

Furthermore, to every claim laid out in the short report, Nearmap provided the firm refutation, together with supporting evidence, that:

“THE REPORT’S CLAIM IS FALSE”

Management comments

Commenting on the short report, Nearmap CEO and Managing Director Dr Rob Newman said:

This Report demonstrates a deep misunderstanding of our business and the industry in which we operate. The Report contains many inaccurate statements, makes unsubstantiated allegations and presents a misleading representation of our business. Our Company has delivered a very strong result which clearly demonstrates the strength of our business and the high levels of engagement of the Nearmap team. All members of the Board are resolutely committed to the Company’s long-term growth.

Foolish takeaway

The publication of the short report that hit the Nearmap share price hard is once again prompting discussion over whether shorting should be regulated. My colleague Tony Yoo also addressed this question earlier in the month after short sellers targeted Tyro Payments Ltd (ASX: TYR) on the ASX and began the renowned GameStop Corp (NYSE: GME) saga on the US markets. 

More reading

• Why Atomos, Bendigo and Adelaide Bank, Coca-Cola Amatil, & Nearmap are racing higher
• Why the Nearmap (ASX:NEA) share price is surging 12% higher
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 next week
• Why brokers rate these 4 ASX shares a buy this month

Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. and Tyro Payments. The Motley Fool Australia has recommended Nearmap Ltd. 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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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a positive note. At the time of writing, the benchmark index is up 0.9% to 6,868.2 points.

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

Atomos Ltd (ASX: AMS)

The Atomos share price is up 11% to $1.04 following the release of its half year results. The video technology company reported a small increase in revenue to a record $32.8 million for the half. Pleasingly, this was achieved despite a substantial reduction in marketing expenses, which supported a 19.3% decline in operating expenses. This led to the tripling of its operating earnings to $3 million.

Bendigo and Adelaide Bank Ltd (ASX: BEN)

The Bendigo and Adelaide Bank share price is up 8% to $10.23. This follows the release of the regional bank’s half year results. For the six months ended 31 December, the bank reported total income growth of 3.3% to $849 million and cash earnings after tax growth of 1.9% to $219.7 million. This was driven by growth in its lending portfolios and an increase in hedging revenue, which offset a 7 basis points decline in its net interest margin to 2.30%.

Coca-Cola Amatil Ltd (ASX: CCL)

The Coca-Cola Amatil share price is up 2% to $13.40. Investors have been buying the beverage company’s shares after it revealed that Coca-Cola European Partners PLC (NYSE: CCEP) has increased its takeover offer. According to the release, CCEP has revised its offer from $12.75 per share to $13.50 per share.

Nearmap Ltd (ASX: NEA)

The Nearmap share price has zoomed 12% higher to $2.42. This follows the release of the company’s response to a short seller attack and the release of its half year results. In respect to the former, management refuted every single one of the short seller’s allegations. As for its half year results, Nearmap reported annual contract value (ACV) of $112.2 million on a reported basis and $116.7 million on a constant currency basis. This represents a 16.1% and 21% increase, respectively, over the prior corresponding period. A record performance by the North American business helped drive this growth.

More reading

• Why is the Coca-Cola Amatil (ASX:CCL) share price gaining today?
• Why the Bendigo and Adelaide Bank (ASX:BEN) share price is storming 8% higher today
• Why the Nearmap (ASX:NEA) share price is surging 12% higher
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 next week

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 Atomos Ltd and Nearmap Ltd. The Motley Fool Australia has recommended Atomos Ltd and Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Atomos, Bendigo and Adelaide Bank, Coca-Cola Amatil, & Nearmap are racing higher appeared first on The Motley Fool Australia.

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ASX biotech shares have had an up and down start to the year. While the S&P/ASX 200 Index (ASX: XJO) is up 1.8%, shares in Pro Medicus Limited (ASX: PME) and Polynovo Ltd (ASX: PNV) have been far more volatile.

Why ASX biotech shares are up and down in 2021

On the one hand, the Pro Medicus share price has climbed 28.5% and raced to a new all-time high. The company’s fifth major contract win in sixth months was a key factor.

Pro Medicus has signed a 7-year, $40 million contract with Salt Lake City-based Intermountain Healthcare. That will see its Visage 7 Viewer and Visage 7 Open Archive products implemented across all of Intermountain’s radiology and subspecialty imaging departments.

However, it hasn’t been all good news for investors in ASX biotech shares this year. While Pro Medicus shares soar, the Polynovo share price has fallen 35.9% this year.

Polynovo develops biodegradable medical devices that aid in skin tissue repair, led by its flagship Novosorb polymer. An important trading update on January 12 has been the catalyst for the ASX biotech share price slump this year.

Interestingly, Polynovo shares have fallen sharply despite a number of sales updates in recent months.

Polynovo reported a 31% increase in sales over the prior corresponding period (pcp) for the first half of FY21. The Aussie biotech’s near term performance could be “volatile”, according to managing director, Paul Brennan. Sales also slowed in October and November despite an uptick to finish the year.

The ASX biotech share soared in 2020 meaning some profit-taking may also be pushing the share price down.

Combined with the short-term uncertainty and ongoing impact of the coronavirus pandemic, the Polynovo share price has been under pressure to start the year.

Foolish takeaway

2021 has been the tale of two ASX biotech shares. While Pro Medicus shares soar, the Polynovo share price has been smashed this year.

Both companies are yet to report their half-year results to the market which are expected later this month.

More reading

• Why ASX travel shares were smashed on Friday
• ASX 200 Weekly Wrap: ASX cools on earnings reality check
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 next week
• These were the best performing ASX 200 shares last week

Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO. The Motley Fool Australia has recommended Pro Medicus Ltd. 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 taken off this morning following the release of the company’s half-year results. 

Aurizon Holdings is Australia’s largest rail freight operator. It provides integrated freight and logistics solutions across an extensive rail and road network. The company’s infrastructure connects miners, primary producers, and industry with international and domestic markets.

At the time of writing, the Aurizon share price is trading up 4% at $4.00.

How did Aurizon perform?

The company reported that total revenue for the first half of FY21 dipped 2% to approximately $1.49 billion, compared to the $1.53 billion reported for the same period in FY20.

Lower volumes in coal and ‘network’ and the sale of Aurizon’s Rail Grinding business in October 2019 impacted this decline. Network refers to the company’s Aurizon Network Pty Ltd business, the largest coal rail network in Australia. 

Aurizon’s earnings before interest and taxes (EBIT) came in at $454.2 million compared to $455.6 million in the prior corresponding period (pcp).

Aurizon attributed the flat EBIT results to higher earnings in bulk and network being offset by a 4% reduction in coal volumes. This reduction has been partially impacted by the current challenging trade environment with China.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for 1H FY21 were $738.3 million, up 1% on the pcp.

Net cash inflow from operating activities from continuing operations increased by $73.9 million (12%) to $700.4 million.

About the Aurizon share price

The company reported a first-half increase to shareholder distributions for FY2021, with the dividend per share up 5%. 

Aurizon’s interim dividend is 14.4 cents per share compared to the 1H FY20 dividend of 13.7 cents. 

On 10 August 2020, Aurizon announced a share buy-back program of up to $300 million during FY21. During the first half, the company bought back and subsequently cancelled 60,022,650 shares at a total consideration of $247.1 million.

The Aurizon share price has fallen nearly 30% over the previous 12-month period. Aurizon has a market capitalisation of $7.1 billion and 1.9 billion shares outstanding.

More reading

• ASX coal stocks increasingly isolated with rise of start-ups like MGA Thermal
• 3 ASX dividend shares rated as strong buys by brokers

Motley Fool contributor Gretchen Kennedy 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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