The S&P/ASX 200 Index (ASX: XJO) is down 1.4% today, but these three ASX 200 stocks are tumbling further.
Amcor Plc (ASX: AMC), Ramsay Health Care Ltd (ASX: RHC) and Domain Holdings Australia Ltd (ASX: DHG) are all in the red today following market updates.
Let's take a look at what these companies reported to the market.
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Amcor
Amcor shares are sliding 9.38% at the time of writing to $14.935. The company reported net sales of $3,667 million in the March quarter, down 1% from the prior corresponding quarter. Net income fell 34% on the prior corresponding quarter to $177 million.
The company has downgraded its FY23 guidance. Amcor now expects to deliver earnings per share of between 72 to 74 cents, down from a previous guidance of 77 to 81 cents.
Commenting on the news, CEO Ron Delia said:
We have adjusted our fiscal 2023 outlook to reflect the challenging operating environment and the actions we are taking give us confidence that earnings growth will build as we progress through fiscal 2024.
Amcor also presented figures on the first nine months of FY23. Net sales for the nine months are up 4% to $11,021 million. Meanwhile, net income has risen 25% to $868 million.
The company declared a quarterly cash dividend of US12.25 cents per share, up from 12 cents per share in the same quarter last year.
Ramsay Health Care
Ramsay Health Care shares are sliding nearly 6% today. Ramsay reported an EBITDA of $1,468.6 million for the nine months ended 31 March, up 6.8% on 2022. Total revenue lifted 10.9% to $11,242.3 million. The company said momentum in surgical volumes has returned following a "slower" December and January.
The company is forecasting a "gradual recovery" in FY23 and "more normalised" conditions in FY24. Commenting on this outlook, Ramsay Health Care said:
The path out of COVID is not expected to be smooth as the industry continues to be impacted by
the restrictive guidelines around the patient pathway, which together with the resultant impact
on workforce availability, may slow the pace of recovery in volumes and productivity.
Ramsay is aiming for a dividend payout ratio of between 60 to 70% of statutory net profit.
Domain Holdings
Domain shares are down 3.45% today and trading at $3.215. At market open, Domain shares fell 8% to $3.07 before recovering. Domain reported digital revenue in the March quarter fell 1% year on year. Total revenue slipped 4% year on year.
Looking at the FY23 guidance, Domain is predicting FY23 costs of about $255 million, which is at the higher end of a previous guidance. The company is forecasting its FY23 EBITDA margin to reduce in the mid-single digit percentage point range compared to FY22. Domain said:
The change from previous guidance reflects the impact on FY23 H2 listing volumes from recent
consumer confidence shocks, including ongoing interest rate increases and global banking insolvencies. Domain remains committed to longer term margin expansion.
