Downer (ASX:DOW) share price hits 52-week high, up 16% since reporting

The integrated service provider has been enjoying a good run on the ASX

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Man looking excitedly at ASX share price gains on computer screen against backdrop of streamers

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The Downer EDI Limited (ASX: DOW) share price soared to a new 52-week high today.

Its gains came about despite the company not having released news to the market in more than a month. Though, the market’s excitement over Downer’s financial year 2021 earnings might be continuing to boost its shares.

At the final bell today, the Downer share price is $6.67, 1.52% higher than its previous close. However, earlier today it reached $6.79, which represented a 3.3% gain and a new 52-week high.

Let’s take a look at the latest news from the integrated service provider.

The latest from Downer

The Downer share price is in the green today despite the company maintaining its silence.

The last time the ASX heard price-sensitive news from Downer was when it released its earnings for financial year 2021 (FY21).

Then, the company reported its statutory net profit after tax returned to profitability with a bang over the year ended 30 June 2021. Downer’s statutory net profit after tax for FY21 came to $230 million, up from FY20’s $105 million loss.

The increased profits came despite the company’s revenue slipping 8% to $12.2 billion. Though, its bottom line was likely helped along by a 12% decrease in total expenses, which came to around $11.2 billion.

On the back of the company’s FY21 results, the Downer share price gained a respectable 4%. It continued to gain another 10.7% over the following 4 trading sessions.

Additionally, the company has managed to hold onto those gains, and its shares are now up around 16% since it reported its results.

All-in-all, FY21 was a good one for Downer, and its stock has borne the fruit of its strong performance.

Downer share price snapshot

The Downer share price’s recent gains have added to its strong performance on the ASX.

Right now, the company’s stock is 22% higher than it was at the start of 2021. It has also gained 57% since this time last year.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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