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Why these are the top 3 best performing ASX stocks in August

With so many results releases flying around on the ASX in August, it’s easy to get lost and separate the share price winners from the losers.

So, amid this busy August reporting season, here are the top 3 performing share prices amongst the S&P/ASX200 Index (INDEXASX: XJO) so far. 

1. Infigen Energy Ltd (ASX: IFN)

The Infigen Energy share price has climbed 18.8% higher so far this August which included an 8.5% gain on Friday alone.

Infigen reported its full-year earnings on Thursday with underlying earnings climbing 11% higher from FY18 to $165.3 million, while net revenue edged 9% higher to $229.3 million.

Despite a 10% decline in net profit after tax, the big positive for Infigen was a 20% increase in renewable energy generation (REG) on FY18 numbers up to 1,775 gigawatt-hours (GWh).

A strong outlook for FY2020 also saw the Infigen share price climb higher, with the company having 75% of its FY2020 REG and 100% of its large-scale certificates (LGC) already contracted.

2. James Hardie Industries PLC (ASX: JHX)

The James Hardie share price has been another top performer in August, climbing 15.94% higher including a 14% one-day surge after reporting a strong start to FY2020.

James Hardie’s financial year ends on March 31, but the company’s first-quarter update saw it post a US$86.5 million net profit, with its $90.2 million adjusted net profit climbing 13% year-on-year growth.

Investors were buoyed by the strong start to the year by the Ireland-based building materials group, and the James Hardie share price has been a quiet overachiever so far in August.

3. McMillan Shakespeare Ltd (ASX: MMS)

The McMillan Shakespeare share price closed on Friday 28.8% higher from where it began the week, after pre-earnings buying and a strong full-year result boosted investors’ hopes.

McMillan reported underlying net profit up 27% on the prior corresponding period to $63.7 million despite a 0.8% decline in revenue to $549.7 million.

Positively, McMillan delivered positive cash flow from all business segments during the year while also increasing its final, fully-franked dividend from 34 cents per share (cps) to 40 cps.

In the week ahead we are expecting some big names to report their results, with the likes of IOOF Holdings Ltd (ASX: IFL) on Monday and Afterpay Touch Group Ltd (ASX: APT) on Wednesday.

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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.

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