Fletcher Building and retailers Michael Hill and Hallenstein Glasson Holdings could show signs of a consumption crunch this NZ earnings season. Here's the stocks investors will be watching this month & why.
Three of the country’s most high-profile companies have published annual results this morning.
Genesis makes hay while the sun doesn’t shine
Genesis Energy said good hydro power generating conditions helped take its operating earnings - ebitdaf - to a record $523.5 million in the June year.
The company, which runsthe coal and gas-fired Huntly Power Station, along with several hydro assets in the North and South Islands, said net profit fell by 12 per cent to $195.7m.
This takes the annual declared dividend to 17.6 cps - the same as the previous year’s.
NZX-listed Genesis - 51 per cent owned by the Government - had previously guided for ebitdaf (earnings before interest, tax, depreciation, amortisation and financial instruments ) for 2023 of $515m.
Chief executive Malcolm Johns said the result enabled Genesis to invest in new renewable generation and play a key role in the country’s transition to a new energy future.
But Sky TV has reported net profit fell 18 per cent to $51 million for the 12 months to June 30.
Revenue increased, buoyed by price increases, rising 2 per cent to $754m.
The full-year dividend was 15 cents per share.
The firm said 35,000 customers had been upgraded to its new Sky Box by June 30 and another 13,000 to the cheaper Sky Pod.
The firm said a recent software update had addressed “teething issues”.
Total customers stood at 1.02 million, up from the year-ago 990,761 as streaming gains outpaced another dip in satellite subs, whose numbers fell from 530,000 to 515,000.
Sky forecast $45m to $55m net profit for FY2024 and a 15cps dividend.
The pay-TV broadcaster said an “accelerated portion of investment” in the troubled Sky Box would be excluded from dividend calculations.
The firm says it will double its dividend by 2026.
Many of the country’s biggest listed companies are publishing results this week.
