Report Wrap: Megaport, Baby Bunting, Coronado & more

Now that I’ve covered BHP this morning, let’s take a look at other major companies with results out today.

Megaport (ASX:MP1)

Megaport, formerly one of ASX’s larger tech companies, was profitable in 1H FY24. The company has flagged “record performance”.

Revenue: $95.1 million (up 35 per cent vs pcp)
Gross profit: $66.6 million (up 43 per cent vs pcp)
Net profit: $4.4 million (“up $17.9M on 1H FY23”)
Commentary: “With our finances in great shape and a go-to-market engine poised to fire, we’re happy to report that FY24 revenue and EBITDA guidance is being restated at $190-$195 million and $51-$57 million, respectively.” – Megaport CEO Michael Reid

Baby Bunting has published its half-year results today. In short: not great, not terrible.

The stock was hotly watched during the COVID era when Chinese infant formula shortages were in vogue.

The company has said it remains “focused on the customer in challenging conditions.”

Total sales: $248.5 million (down 2.5 per cent vs pcp)
Gross profit margin: 37.2 per cent (unchanged vs pcp)
Statutory NPAT: $2.7 million (unchanged vs pcp)
Dividend: 1.8 cents vs 2.7 cents vs pcp
Commentary: “Our priority is stabilising performance through our focus in the areas of trade, productivity and customer experience. In the longer term, the success of the business will be based upon connecting more meaningfully with parents” – CEO Mark Teperson

Another former COVID-era winner, Ansell has also posted its 1HFY24 results.

Depending on the kind of life you lead, you probably know them as either a company that makes gloves or a company that makes condoms. (Why not both?)

Sales: $784.9 million vs $835.3 million pcp (down six per cent)
EBIT: $78.2 million vs $91.5 million pcp (down 14.5 per cent)
Adjusted EPS: US41.1 cents vs US50.6 cents pcp (down 18.8 per cent)
Commentary: “Sales in our Healthcare GBU are expected to improve in H2, with volume improvement in Surgical and Life Sciences as channel and end user inventory levels normalise. Healthcare GBU earnings are also expected to improve on higher sales and increased production.” – CEO Neil Salmon

Coronado Global, a provider of metallurgical coal to steel manufacturers, has posted its full-year 2023 results today.

The company has posted its “second highest annual revenue performance”.

A unique way to frame revenue being down nearly 20 per cent YoY, you could say.

Revenue: $2.89 billion vs $3.57 billion pcp (down 19.1 per cent)
Net income: $156.1 million vs $771.7 million pcp down 79.8 per cent)
Average price: $215.7/Mt vs $265.8Mt pcp (down 18.8pc)
Commentary: “These improvements have provided a solid platform for the year ahead as we target higher production rates, lower costs, and improved margins in FY24.” – CEO Douglas Thompson.