Reporting season went up a gear last week when a large number of companies released their latest results.
Three of the best results from last week are summarised below. Here's what they reported:
Commonwealth Bank of Australia (ASX: CBA)
Arguably the best result from last week came from Australia's largest bank. The CBA share price stormed to a record high after its full year result revealed a 19.8% increase in cash earnings to $8,653 million. This was ahead of the analyst consensus estimate of $8,464 million. This strong form and its exceptionally strong capital position allowed the bank to announce a $6 billion off-market share buyback. This was also notably ahead of the market's expectations.
QBE Insurance Group Ltd (ASX: QBE)
This insurance giant has been struggling in recent years but returned to form during the first half of FY 2021. QBE released its first half result and revealed strong gross written premium (GWP) and profit growth. QBE achieved GWP growth of 26.9% to US$10,203 million, which underpinned an adjusted cash profit after tax of US$463 million. This compares to a US$66 million loss in the prior corresponding period. Management advised that the result was driven by a strong premium rate environment, improved customer retention, and new business growth across all regions.
Telstra Corporation Ltd (ASX: TLS)
One of the most well-received results last week came from this telco giant. The Telstra share price climbed to a 52-week high after it delivered a profit result in line with guidance. This allowed Telstra to maintain its 8 cents per share fully franked final dividend, bringing its full year dividend to 16 cents per share. Another positive was the announcement of a $1.35 billion on-market share buyback. But perhaps the biggest positive was management's guidance for the year ahead. It expects its underlying EBITDA to return to growth at long last. Management expects growth of 4.5% to 9% in FY 2022.
