3 ASX All Ords shares diving on disappointing results

Investors have been pressuring these ASX All Ords shares following the release of their 2023 financial year results.

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Three ASX All Ords shares are having a particularly tough run today.

The All Ordinaries Index (ASX: XAO) is following US markets lower on Wednesday, down 1.34% in afternoon trade.

But these three ASX All Ords stocks are faring far worse following earnings results that have clearly disappointed investors.

Let's have a look.

Why are these 3 ASX All Ords shares tumbling today?

The first ASX All Ords share that's taking a dive on Wednesday is Fletcher Building Ltd (ASX: FBU).

At the time of writing, shares in the New Zealand-based building and materials company are down 6.9%, trading for $4.72 apiece.

Fletcher Building reported strong FY23 revenue of $8.5 billion, roughly in line with FY22.

But investors may be disappointed in the slide in net profit after tax (NPAT), which fell to $235 million, down from $432 million in FY22.

Fletcher Building CEO Ross Taylor said FY23 NPAT was "impacted by significant items charges of $301 million".

Taylor noted, "The significant items related mainly to additional provisions of $255 million on the New Zealand International Convention Centre and Hobson Street Hotel project."

Which brings us to the second ASX All Ords share that's underwhelming investor expectations today following its FY23 results, Seven West Media Ltd (ASX: SWM).

Shares in the multimedia company are currently trading for 38 cents apiece, down 5%.

Seven West reported it had achieved "solid performance in a challenging environment".

Despite that solid performance, the Seven West share price looks to be under selling pressure following a 7.9% decline in the total TV advertising market in FY23.

Investors also appear to be hitting the sell button after the ASX All Ords share reported an 18% year on year drop in earnings before interest, taxes, depreciation and amortisation (EBITDA), which came in at $280 million.

Net cash flow before temporary and capital items of $155 million was down 19% on FY22.

Rounding off the list of ASX All Ords companies doing it tough today after reporting FY23 results is Dexus (ASX: DXS).

Shares in the Aussie property developer and manager were down almost 10% in early trade but have since regained much of that ground. At the time of writing the Dexus share price is $7.795, down 2.68%.

Much of that selling pressure facing the ASX All Ords share today is likely linked to the FY23 statutory net loss after tax of $753 million. That's a far cry from the statutory net profit after tax of $1.62 billion reported in FY22.

Dexus said the FY23 losses were "primarily driven by unrealised fair valuation losses on investment property in FY23 compared to gains in FY22".

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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