DOW -23.74%: a brutal reaction to a poor 1H result for the facilities contractor as contract losses and a restructure weighed on the outlook. Profit fell 20% to $68m while a $12m post-tax hit will be taken in the 2H following a revenue recognition error on an ongoing contract.
DOW -20.42%: The contractor came clean this morning about an accounting issue, having incorrectly recognised revenue from a long-term, maintenance contract to the tune of $40m. As a result, they cut FY earnings guidance by $8-10m and had to explain away issues with their internal systems that led to the embarrassing mess. While it will have...
Telstra (TLS) FY21 Result: The headline act today and it looks a solid one, plus the commentary from CEO Andy Penn is bullish. At the top line, revenue of $23.1bn was a shade below expectations for $23.5bn, EBITDA of $7.4bn as expected, NPAT of $1.9bn inline with expectations and the dividend confirmed at 16cps. EPS was better at 15.4c v 13.5c expected and they announced a $1.35bn on market buy back. FY22 guidance is for underlying EBITDA of $7-7.3bn, the market is already at $7.4bn so slightly below in terms of guidance, but should be okay.
Downer (DOW) provides engineering and infrastructure management services to the public and private rail, road, power, telecommunications, mining and resources sectors in Australia, New Zealand, Asia and the Pacific. Downer provides rolling stock services, drilling services for the exploration industry, mine planning and management services and highway maintenance.
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