The S&P/ASX 200 Index (ASX: XJO) is having another decent session on Thursday. At the time of writing, the benchmark index is up 0.35% to 7,873.5 points.
Four ASX shares that are not following the market higher today are listed below. Here's why they are falling:
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Cochlear Ltd (ASX: COH)
The Cochlear share price is down 7% to $313.88. Investors have been selling this hearing solutions company's shares following the release of its FY 2024 results. Although Cochlear achieved its guidance and delivered strong profit growth, it still fell short of the market's expectations. Cochlear reported a 15% increase in sales revenue to $2,258 million and a 27% jump in underlying net profit to $387 million. The consensus estimate according to FactSet was for a profit of $397 million in FY 2024. Its guidance for the year ahead may also have underwhelmed investors. It is guiding to profit growth of 6% to 11% year on year.
Nufarm Ltd (ASX: NUF)
The Nufarm share price is down 10% to $3.95. This morning, the agricultural chemicals company amended its guidance for FY 2024. It now expects its underlying EBITDA to be in the range of $300 million to $330 million. This is down from its previous guidance of between $350 million and $390 million. Management blamed this on the continuation of what it believes is a temporary downturn in the industry environment. In light of its lower than expected earnings, it warned that its net leverage will be approximately 2.5 times to 2.7 times underlying EBITDA. This is up from its previous guidance of "towards the upper end of a 1.5 to 2.0 times range."
Origin Energy Ltd (ASX: ORG)
The Origin Energy share price is down 9.5% to $9.60. Investors have been selling this energy company's shares after softer than expected guidance for FY 2025 offset the release of a strong FY 2024 result. Origin Energy reported an underlying profit of $1.18 billion, which is up 58% year on year. For FY 2025, the company expects its Energy Markets EBITDA to be $1.1 billion to $1.4 billion. The midpoint of this guidance range represents a 13% miss to consensus expectations of $1.43 billion.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 5% to $2.70. The market has not responded positively to news that the lithium giant is making an acquisition in Brazil. Pilbara Minerals has entered into an agreement to acquire Latin Resources Ltd (ASX: LRS) for the equivalent of 19.95 cents per share. This represents a 66.3% premium to where the lithium developer's shares last traded. Pilbara Minerals highlights that the deal will add Latin Resources' flagship Salinas Lithium Project to its portfolio. It believes this project has the potential to become a top 10 hard rock lithium operation by production globally (excluding Africa).
