Peter Switzer and Paul Rickard go through the earnings of:
1. CSL
- NPAT US$2,103m up 10%, or 17% in constant currency. Marginally below forecast, but FX headwinds higher.
- Revenue up 9% in constant currency. Covid-19 impact on plasma collections less than expected
- Final dividend US$1.07, A$1.48 per share
- Guided to revenue growth of 6% to 10% in FY21, and NPAT of US$2,100m to US$2,265m
- Several Covid-19 investments (1 vaccine partnership, 4 treatment candidates)
2. BHP
- EBITA down 5% to US$22.1bn
- Underlying profit down 1% to US$9.1bn, 17% ROCE
- Final div 55 US cents (A$0.76) (FY20: US$1.20; FY19: US$1.33)
3. A2 Milk
- Revenue up 33% to NZ$1.73bn
- EBITDA up 33% to NZ$550m
- NPAT up 34% to NZ$386m
- Market nervous about Chinese sales of infant nutritional products
- Forecast EBITDA margin of 30% to 31% for FY21 lower than expected
4. JB Hi Fi
- NPAT up 33% to $333m
- Sales up 11.6% to $7.9bn. Q4 sales in JB Hi-Fi Aust up 31.4%, Good Guys 30.2%
- Final dividend 90c – up from 51c
5. Wesfarmers
- NPAT of $1,697m
- NPAT from continuing operations up 8.2%
- Final dividend of 77c (fully franked), plus special div of 18c (fully franked) – latter from sale of Coles shares
- Bunnings powerhouse – 64% of group earnings. Earnings up 13.9%. Second half sales up 23.4%
- Officeworks also strong. Challenges with Kmart group, Industrial & safety, and Chemical/Energy/fertiliser