With so many results being released, a few will no doubt have slipped under the radar.
Three results of note that you may have missed are summarised below:
Mineral Resources Limited (ASX: MIN)
This mining and mining services company’s shares fell 5% on Thursday after its half year results fell short of the market’s expectations. During the first half the company posted EBITDA of $72 million after factoring in a $30 million unrealised accounting loss on its investment in lithium miner Pilbara Minerals Limited (ASX: PLS). This was an 80% decline on the prior corresponding period. Even excluding this unrealised investment loss Mineral Resources’ EBITDA was down 59% on the prior corresponding period. This led to the company’s board slashing its interim dividend by 48% to 13 cents per share. Production delays and lower pricing were largely to blame for the poor half.
Santos Ltd (ASX: STO)
The Santos share price pushed slightly higher on Thursday after it posted a record full year underlying profit of US$727 million and record free cash flow of $1,006 million. This was driven by an 18% increase in product sales to US$3,660 million and a 6% reduction in underlying production costs to US$7.62 a barrel. A final fully franked dividend of 6.2 U.S. cents per share was declared, bringing its full year dividend to 9.7 U.S. cents per share.
Sydney Airport Holdings Pty Ltd (ASX: SYD)
This airport operator’s shares rose 2% yesterday after it announced a record full year result. Total revenue came in 6.8% higher at $1,584.7 million and EBITDA rose 7.2% to $1,282.6 million. During the 12 months the average EBITDA per passenger metric grew 4.5% to $28.90. The airport’s CEO, Geoff Culbert, advised that the strong result was driven by “another year of strong passenger numbers, an excellent performance across our non-aeronautical businesses, efficient capital investment and tightly controlled costs.” Management advised that it intends to pay a 39 cents per security distribution in FY 2019.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Sydney Airport Holdings Limited and Wesfarmers Limited. The Motley Fool Australia has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.