Just because we're smack-bang in the middle of two reporting seasons doesn't mean there's no exciting earnings news to be found among S&P/ASX 200 Index (ASX: XJO) shares.
Plenty of stocks dropped updates over the week just been. And some of those updates saw companies upping their forecasts for the entire financial year 2023. We love to see it.
So, without further ado, let's dive into two ASX 200 stocks that made moves amid guidance upgrades this week.
2 ASX 200 stocks upgrading their earnings guidance this week
Graincorp Ltd (ASX: GNC)
First off the bat was Graincorp. The ASX 200 agriculture company saw its stock leap 10% on Thursday on the back of a notable guidance upgrade.
Graincorp posted $383 million of earnings before interest, tax, depreciation, and amortisation (EBITDA) for the first half and a $200 million net profit after tax (NPAT).
On the back of what managing director and CEP Robert Spurway called "an excellent result", the company upped its full-year earnings forecast.
It now expects to bring in between $500 million and $560 million of EBITDA and between $220 million and $260 million of NPAT in the financial year 2023.
That's up from previous forecasts of $470 million to $530 million of EBITDA and $180 million to $220 million of NPAT.
QBE Insurance Group Ltd (ASX: QBE)
Unfortunately, the market didn't respond so well to a guidance upgrade from ASX 200 insurance stock QBE on Friday. Though, there was one detail in the company's quarterly report that might have worried investors.
QBE posted a 14% jump in gross written premiums on a constant currency basis. Additionally, its group-wide renewable rate increases came in at an average of 10%.
Looking forward, it expects its full-year gross written premium growth to come in at around 10% on a constant currency basis – up from its previous guidance of mid-to-high single digits.
However, the ASX 200 insurer also revealed natural catastrophes over the first four months of 2023 had cost it US$480 million – nearly 90% of its first-half catastrophe allowance. It also disclosed US$130 million of adverse development on natural catastrophe events occurring in late 2022.
The ASX 200 insurance stock plunged 3.76% to $14.59 at market close on Friday.
