ASX earnings are tipped to contract by more than 5 per cent in the 2024 financial year, despite companies so far surprising to the upside this earnings season.
in response to company outlook statements that point to slowing revenue growth and ballooning labour, rent and energy costs.P/ASX 200 to contract by 5.4 per cent in 2024 financial year, considerably lower than the flat outcome forecast one month ago.
Still, the benchmark index has dropped 3.6 per cent since earnings season kicked off at the start of August. And Tribeca portfolio manger Jun Bei Liu believes the equity market will remain capped by a “weak” reporting season. That trend suggests that “firms are still taking a more cautious approach to retaining cash”, according to Goldman’s head of Australian equity research, Matthew Ross.on Monday, while Ampol slashed its first-half payout by 20 per cent. Latitude Financial removed its interim dividend on Friday, while Netwealth’s final dividend missed forecasts on Thursday.
Dexus warned that FY24 remained a “challenging period” as capital flows and market sentiment were impacted by inflation, higher interest rates and geopolitical risks.by flagging that its FY24 operating earnings per share and distribution would decrease to 26¢, which was about 7 per cent below consensus.
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