In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to start the week with a small gain. At the time of writing the index is up slightly to 6,339.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have started the week in the red:
The Ansell Limited (ASX: ANN) share price is down 8.5% to $25.42 after the health and safety products company released its full-year results. The market appears to have been disappointed by Ansell's 11.2% decline in earnings before interest and tax from continuing operations. The company also warned of increasing input costs and the potential negative impact of the trade war between the U.S. and China.
The Beach Energy Ltd (ASX: BPT) share price has tumbled 5% to $1.77 after the energy company's full-year results fell a touch short of expectations. Thanks to the Lattice Energy acquisition and rising oil prices, Beach Energy delivered an underlying net profit after tax of $302 million, up 86% on the prior corresponding year. The market had anticipated an underlying profit after tax of $307 million.
The Cardno Limited (ASX: CDD) share price is down 14% to $1.20 after posting a loss of $14 million in FY 2018. Management advised that the net loss after tax of $14 million included a $32.8 million charge to reduce tax assets associated with the change in US federal corporate income tax rate from 35% to 21%. EBITDA from continuing operations came in at $56.2 million, up 28% from $44 million in FY 2017. Unfortunately, this growth is unlikely to be sustained in FY 2019. Due to a number of investments management expects limited EBITDA growth in some divisions in the short term.
The Silver Chef Limited (ASX: SIV) share price has tumbled 14% to $2.46 after releasing its unaudited preliminary full-year results. The equipment financing company expects to post a statutory FY 2018 net loss after tax of around $48 million. The loss is largely attributable to the company's exit of the GoGetta business. This is expected to mean the company breaches its debt covenants, however it stressed that it enjoys the support of its lenders and expects appropriate waivers to be granted.
