The December 2014 profit-reporting season gets busy this week, with about 80 companies scheduled to report. About 20% of companies have reported so far, accounting for about 42% of the market by value.

Dividends have been the story of the reporting season so far, with 73% of companies lifting their dividends, according to Shane Oliver, head of investment strategy and chief economist at AMP Capital.

The focus on dividends comes as the latest Global Dividend Index from Henderson Global Investors reveals that the value of shareholder payouts globally grew by more than 10% in 2014, to a record US$1.17 trillion ($1.5 trillion), with Australia being the largest contributor to the Asia-Pacific region, despite a weaker Australian dollar eroding the Australian contribution.

The Asia-Pacific dividend payouts rose by 2.9% in 2014, to US$115.6 billion ($148.6 billion), with Australia’s contribution accounting for almost half of that figure.

Globally, the dividend torrent has grown by nearly 60% since 2009, says Henderson Global Investors.

With earnings growth expectations for the full 2014-15 financial year flat at best, the first half of the year has actually generated some creditable results. Oliver says a healthy 76% of companies have seen profits rise from a year ago, while 60% of results so far have beaten expectations – against a ‘norm’ for the local market of 45%. Just over half of companies (54%) have seen their share price outperform the day results were released.

Other key themes so far – none too surprising – have been weakness among resources shares (on falling commodity prices) and mining services companies (on falling mining investment), continued strength for the banks, ongoing focus on cost control and the solid growth in dividends.

Fund manager Perpetual says small-cap stocks have performed better than large-caps, with the former recording average out-performance of 2.5%, versus 0.2% for the large caps. But even when companies are managing to beat expectations on earnings growth, says Matthew Sherwood, head of investment research at Perpetual, they are struggling to match consensus forecasts on dividend growth, resulting in the kind of negative share price performance on the day of reporting, as seen in CSL and Telstra last week.

Among the market heavyweights to report this week are Woodside Petroleum, which reports full-year 2014 results on Wednesday, and Wesfarmers, which brings out half-year results on Thursday. According to FN Arena, market consensus expects Woodside to lift earnings per share (EPS) in 2014 by just under 50% to 318.6 cents a share (Woodside reports in US$) and double its dividend to 257.4 cents a share.

AMP also reports full-year results on Thursday. Market consensus expects EPS of 34.2 cents a share, up 47%, and a full-year dividend of 26.2 cents a share, a 14% lift on the 23 cents paid in 2013.

Broking firm Citi expects Wesfarmers to post interim net profit after tax (NPAT) of $1.3 billion, down slightly on the $1.43 billion recorded a year ago, but lift its first-half payout to 95 cents a share, from 85 cents a share in the December 2013 half.

Here are Citi’s expectations for the companies reporting this week (stocks in italics are not covered by the firm.)

Tuesday 17 February

Asciano (AIO) – NPAT $2013 million, interim dividend 9 cents a share (versus 5.75 cents a share 1H14), potential positive surprise

Amcor (AMC) – NPAT $315 million, interim dividend 19 cents a share (versus 19.5 cents a share 1H14)

Challenger (CGF) – NPAT $129 million, interim dividend 14 cents a share (versus 12.5 cents a share 1H14)

Coca-Cola Amatil (CCL) – Final NPAT $368 million, final dividend 40 cents a share (versus 32 cents a share 2H13)

Dick Smith Holdings (DSH)

Fortescue Metals Group (FMG) – NPAT US$396 million, interim dividend 4 Aust. cents a share (versus 10 Aust. cents a share 1H14)

Iluka Resources (ILU) – Final NPAT $4 million, full-year dividend 10 cents a share (versus 9 cents a share 2H13)

InvoCare (IVC) – Final NPAT $46 million, full-year dividend 40 cents a share (versus 35 cents a share 2013)

Monadelphous (MND) – NPAT $61 million, interim dividend 46 cents a share (versus 60 cents a share 1H14), potential negative surprise

Pacific Brands (PBG) – NPAT $21 million, no interim dividend (versus 2 cents a share 1H14), potential negative surprise

Seek (SEK) – NPAT $92 million, interim dividend 18 cents a share (versus 14 cents a share 1H14), potential positive surprise

Sonic Healthcare (SHL) – NPAT $196 million, interim dividend 29 cents a share (versus 27 cents a share 1H14)

The Reject Shop (TRS)

Wednesday 18 February

Arrium (ARI) – net loss $74 million, no dividend (versus 6 cents a share 1H14)

Bega Cheese (BGA)

Carsales.com (CRZ) – NPAT $55 million, interim dividend 19 cents a share (versus 14.7 cents a share 1H14)

Dexus Property Group (DXS) – NPAT $286 million, interim dividend 20 cents a share (versus 3.07 cents a share in 1H14)

Fletcher Building (FBU) – NPAT NZ$211 million, no dividend (versus 18 NZ cents a share for 1H14), potential positive surprise

Insurance Australia (IAG) – NPAT $629 million, interim dividend 14 cents a share (versus 13 cents a share 1H14)

Macmahon Holdings (MAH)

Mount Gibson Iron (MGX) – net loss $58 million, no dividend (no dividend 1H14)

Primary Health Care (PRY) – NPAT $61 million, interim dividend 10 cents a share (versus 9 cents a share 1H14)

Recall Holdings (REC) – NPAT US$43 million, interim dividend 8 cents a share (was demerged from Brambles in December 2013)

Seven West Media (SWM) – NPAT $133 million, interim dividend 6 cents a share (versus 6 cents a share 1H14), potential negative surprise

Toll Holdings (TOL) – NPAT $166 million, interim dividend 14 cents a share (versus 13 cents a share 1H14), potential negative surprise

Western Areas (WSA) – NPAT $35 million, interim dividend 5 cents a share (versus 1 cent a share 1H14)

Thursday 19 February

Charter Hall Retail REIT (CQR) – NPAT $54 million, interim dividend 14 cents a share (versus 13.65 cents a share 1H14)

Crown Resorts (CWN) – NPAT $288 million, interim dividend 18 cents a share (versus 18 cents a share 1H14)

Drillsearch Energy (DLS)

Fairfax Media (FXJ) – NPAT $83 million, interim dividend 2 cents a share (versus 2 cents a share 1H14), potential negative surprise

Federation Centres (FDC) – NPAT $128 million, interim dividend 8 cents a share (versus 7.5 cents a share 1H14)

iiNet (IIN) – NPAT $46 million, interim dividend 12 cents a share (versus 9 cents a share 1H14), potential negative surprise

Origin Energy (ORG) – NPAT $393 million, interim dividend 25 cents a share (versus 25 cents a share 1H14)

PanAust (PNA) – Full-year NPAT US$32 million, full-year dividend 10 cents a share (versus 6 cents a share 2013)

RCR Tomlinson (RCR)

Sandfire Resources (SFR) – NPAT $78 million, no dividend (no dividend 1H14)

Super Retail (SUL) – NPAT $59 million, interim dividend 19 cents a share (versus 18.5 cents a share 1H14)

Tatts Group (TTS) – NPAT $149 million, interim dividend 9 cents a share (versus 8 cents a share 1H14)

Virgin Australia (VAH) – NPAT nil, no dividend (no dividend 1H14)

Webjet (WEB)

Friday 20 February

Adelaide Brighton (ABC) – Full-year NPAT $157 million, full-year dividend 17 cents a share (versus 19.5 cents a share 2013)

DUET Group (DUE)

James Hardie (JHX)

Leighton (LEI) – Full-year NPAT $592 million, full-year dividend $1.07 a share (versus $1.05 a share 2013)

Medibank Private (MPL)

Santos (STO) – Full-year NPAT $491 million, full-year dividend 40 cents a share (versus 30 cents a share 2013), potential negative surprise

STW Communications (SGN)

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