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What you need to know about today’s profit season results

Credit: Iman Mosaad

The interim profit reporting season for most companies moved up a gear today, with several investor favourites revealing some market-moving results.

Here’s a summary of today’s reports.

  1. Cochlear’s big jump (ASX: COH) – The hearing aid business soared 14 per cent as it upgraded full year earnings guidance on the strength of strong new product sales.
  2. Tassal Group sinks (ASX: TGR) – shares fell after the salmon farmer revealed a drop in half-year earnings due to rising costs and weaker-than-expected salmon prices.
  3. Suncorp finishes dead flat (ASX: SUN) – the group’s shares have fallen 22 per cent in six months and today’s profit result failed to inspire with claims up and general insurance profits down. The highlight being the banking business.
  4. Godfrey’s Group still cleaning up (ASX: GFY) – the vacuum cleaner business climbed 3.6 per cent on its profit result in some relief for investors forced to suck up a 63 per cent share price fall in six months.
  5. Transurban lifts dividend guidance (ASX: TCL) the toll road operator’s shares edged higher on strong road traffic numbers.
  6. ASX Limited trades higher – this dividend stalwart and market disciplinarian continues to deliver for defensive investors, with a solid earnings result.
  7. BWP Trust increases rental income – (ASX: BWP) shares lifted 2% today and have an excellent long-term track record to attract income investors.
  8. Virgin shares lose altitude (ASX: VAH) – despite a bumper profit investors weren’t impressed marking the shares down 6 per cent.

Furthermore, Rio Tinto Limited (ASX: RIO) shares may come under pressure tomorrow after it reportedly missed analysts’ earnings estimates and axed its progressive dividend policy on posting its interim results late this afternoon.

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