In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1% to 8,751.9 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Austal Ltd (ASX: ASB)
The Austal share price is up 5% to $6.76. Investors have been buying the shipbuilder's shares following the release of an update on its guidance for FY 2025. Austal now expects its earnings before interest and tax to be no less than $100 million for the 12 months. It was previously guiding to no less than $80 million. Management explains: "The principal driver of this update, in addition to strong underlying business performance, is the finalisation of the accounting treatment related to Austal's manufacturing facility for submarine modules (MMF3) contract with General Dynamics Electric Boat announced on 16 September 2024 which has resulted in an EBIT contribution for FY2025."
Credit Corp Group Ltd (ASX: CCP)
The Credit Corp share price is up 20% to $18.40. This follows the release of the debt collector's full year results this morning. Credit Corp revealed a 5% lift in revenue to $545.6 million and a 16% jump in normalised net profit after tax to $94.1 million. This allowed the company's board to increase its full year dividend by 79% to 68 cents per share. Looking ahead, management is guiding to net profit after tax growth in the region of 12% in FY 2026.
Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is up 33% to $3.94. The catalyst for this has been news that the defence and space company has secured an order for a drone defence capability based on a new type of high-power laser. The order was placed by a European NATO Member State and is valued at approximately A$125 million. The company said: "EOS is already an established global leader in counter-drone capability using kinetic weapons and missiles to bring down drones. The high-power laser builds on these core competencies and substantially extends them."
ResMed Inc (ASX: RMD)
The ResMed share price is up 4% to $44.62. Investors have been buying this sleep disorder treatment company's shares since the release of its full year results last week. One broker that was impressed is Macquarie. In response, this morning the broker retained its outperform rating on ResMed's shares with an improved price target of $48.50 (from $45.90).
