The S&P/ASX 200 Index (ASX: XJO) had a very strong month in February and raced notably higher. The benchmark index rose 3.7% during the period to end at 9,198.6 points.
Not all ASX 200 shares climbed with the market. For example, the four named below fell 20% or more during the month. Here's why:
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Austal Ltd (ASX: ASB)
The Austal share price was out of form and sank 26% in February. This was driven by the release of a disappointing earnings guidance update from the ship builder. Austal advised that it previously overstated its potential earnings for the year after accidentally including incentives that had already been recognised in Austal USA's forecast. This meant there was a US$17.1 million overstatement included in its FY 2026 EBIT guidance. In light of this, Austal downgraded its EBIT guidance for FY 2026 to approximately A$110 million from A$135 million previously.
CSL Ltd (ASX: CSL)
The CSL share price was sold off and crashed almost 20%. This was driven by a combination of a soft half-year result from the biotech giant and news that its CEO, Dr Paul McKenzie, resigned out of the blue a day earlier. CSL's chair, Dr Brian McNamee AO, said: "Paul and the Board have determined that now is the right time for new leadership to continue to drive CSL's strategic transformation and performance." As for its results, CSL posted underlying NPATA of US$1.9 billion, which was down 7% on the prior corresponding period and short of expectations. However, it did reaffirm its guidance for FY 2026.
Pro Medicus Ltd (ASX: PME)
The Pro Medicus share price tumbled 29% in February. A good portion of this came after the health imaging technology company released its half-year results. Pro Medicus reported a 28.4% increase in revenue to $124.8 million and a 29.7% lift in underlying profit before tax to a record of $90.7 million. This was softer than some were expecting. Pro Medicus' CEO, Dr Sam Hupert, said: "Our profits continue to grow strongly even though our biggest implementation during the period in Trinity Cohort 1 went live towards the end of October so had limited impact on the half." In addition, concerns over AI disruption weighed heavily on software stocks last month.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price was a poor performer and sank 32% last month. This followed the release of the online furniture retailer's half-year results. The company reported a 19.8% increase in revenue to $375.9 million and a more modest 13% lift in EBITDA to $14.9 million. This ultimately led to Temple & Webster recording a net profit that was over 30% lower than consensus estimates.
