While we will remember the record profits at CBA and Qantas, the big story of earnings season is a softening economy and lower than expected profits in FY24.
How much? Nearly 6 per cent, if you believe analysts who are starting to come up for fresh air after four weeks studying results for the year to June 30.
Analysts have cut FY24 profit foreacsts by 5.7 per cent after reviewing numbers for the year to June 30. That sort of cut makes it hard for share prices in the coming year.When it is all put together, it leads to a 5.7 per cent cut in profit forecasts for the already underway new financial year. FY24 forecasts are now down 8 per cent since the start of this calendar year.
Monday morning’s flurry of results was a reminder that profit season isn’t quite over yet. The results included Fortescue , NextDC , APM and Link Administration , and BrainChip . Other household names to report in coming days include Harvey Norman and The Star Entertainment Group. While the most memorable results include Commonwealth Bank of Australia’s record $10.2 billion profit and Qantas Airways’ $2.5 billion result, what really matters for shareholders is what happens next.
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