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Rio Tinto Dividend Miss Sours Earnings Beat

07/27/2022 | 03:39am EDT

Rio Tinto 1H Dividend Miss Sours Earnings Beat

0715 GMT - Rio Tinto's beat on first-half underlying earnings was soured by a miss on its mid-year dividend. The world's second-biggest miner reported half-year underlying earnings of $8.63 billion, beating market consensus of roughly $8.37 billion compiled by Visible Alpha from 13 analyst forecasts. But the company's interim dividend of $2.67 a share fell short of expectations for a roughly $3.39 a share payout, as it opted to pay out a slimmed-down 50% of underlying earnings versus 75% a year ago. (rhiannon.hoyle@wsj.com)

 
Companies News: 

Fresnillo Backs Guidance as 2Q Production, Juanicipio Commissioning on Track

Fresnillo PLC on Wednesday reiterated 2022 guidance as its second quarter production was in line with expectations and the Juanicipio plant will start commissioning soon.

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Smurfit Kappa 1H Pretax Profit, Revenue Rose

Smurfit Kappa Group PLC said Wednesday that pretax profit rose on higher revenue in the first half of the year, and that its performance in the period has set a strong foundation for the remainder of 2022.

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Lloyds 2Q Pretax Profit Rose Ahead of Views, Outlook for 2022 Enhanced

Lloyds Banking Group PLC reported on Wednesday a slight increase in pretax profit for the second quarter of 2022, which came in ahead of market views, and said that it has strengthened its outlook for the whole year.

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GSK 2Q Operating Profit Slipped Despite Higher Sales; Raises 2022 Outlook

GSK PLC said Wednesday that its second quarter operating profit fell from the previous year though sales grew, and raised its outlook for 2022.

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Haleon 2Q Organic Revenue Boosted by Portfolio Strength, Innovation

Haleon PLC on Wednesday reported a 7.5% organic rise in second-quarter revenue, which it said reflected the strength of its portfolio, continued innovation and excellent commercial execution across its markets, and said that full-year growth is now expected to be 6%-8%.

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British American Tobacco 1H Pretax Profit Fell Despite Revenue Boost From New Categories

British American Tobacco PLC said Wednesday that first-half pretax profit fell on higher expenses, despite a robust increase of new categories revenue.

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Unite Group Posts Higher 1H Earnings, Raises Guidance for 2022-23 Academic Year

Unite Group PLC on Wednesday reported higher earnings for the first half of 2022 and raised its outlook for the 2022-23 academic year.

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Marston's: Like-For-Like Sales Down 2% on 2019 Due to Trading Restrictions, Consumer Sentiment

Marston's PLC said Wednesday that like-for-like sales for the 42-week period to July 23 were down 2% on 2019, reflecting the reintroduction of trading restrictions in December and January and the hit to consumer sentiment in the first half.

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Paragon Banking Backs FY 2022 Guidance After Strong 3Q

Paragon Banking Group PLC said Wednesday that its performance in the third quarter of fiscal 2022 was strong and that it continues to back its guidance for the whole year.

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Reckitt Benckiser Swung to 1H Pretax Profit, Upgrades Revenue Growth View

Reckitt Benckiser Group PLC reported Wednesday a swing to pretax profit for the first half of the year and upgraded its revenue growth expectations for the full year.

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Rio Tinto 1H Profit Falls 28%, Market Environment Worsens

Rio Tinto PLC said its first-half profit fell by 28% as iron-ore prices weren't as strong and it grappled with rising costs, prompting a sharp cut in its midyear payout to shareholders.

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Everyman Media 1H Revenue, Adjusted Ebitda Recover to Prepandemic Levels

Everyman Media Group PLC said Wednesday that revenue and adjusted earnings before interest, taxes, depreciation and amortization for the first half rose compared with 2019 after an increased number of venues, strong admissions and higher average spends.

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Anglo American's De Beers Reports Diamond Sales of $630 Mln for Cycle 6

Anglo American PLC on Wednesday reported revenue of $630 million for the sixth diamond sales cycle of 2022 which ran from July 11 to July 26.

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Wizz Air 1Q Pretax Loss Widened on Higher Costs

Wizz Air Holdings PLC said Wednesday that its pretax loss widened for the first quarter of fiscal 2023 after booking higher costs, and that it was affected by lingering Covid-19 restrictions and the effect of the war in Ukraine.

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FirstGroup Says FY 2023 Performance in Line With Views So Far

FirstGroup PLC said Wednesday that its fiscal 2023 performance in the year-to-date has been in line with the board's expectations.

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WH Ireland FY 2022 Pretax Profit Fell Sharply

W.H. Ireland Group PLC reported on Wednesday a significant decline in pretax profit for fiscal 2022 but said its aim is to return to sustainable profitability.

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Motorpoint Group 1Q Revenue Rose on Strong Growth, Vehicle Price Inflation

Motorpoint Group PLC said Wednesday that first-quarter revenue rose around 30% after it booked strong growth supported by vehicle price inflation.

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Parsley Box Shares Drop After Lowered 2022 Guidance, 1H Revenue Fall

Shares in Parsley Box Group PLC dropped 19% on Wednesday morning after the company lowered full-year guidance and said first-half revenue fell.

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Ibstock 1H Pretax Profit Rose, Expects to Beat 2022 Earnings Views

Ibstock PLC said Wednesday that pretax profit for the first half of 2022 rose due to a strong performance in the period, and that it expects adjusted Ebitda for the year to be ahead of views.

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Nichols 1H Pretax Profit Rose on Higher Revenue, Raises Dividend

Nichols PLC said Wednesday that pretax profit for the first half rose on increased revenue, and that it raised its dividend payout despite inflationary pressures.

 
Market Talk: 

Lloyds Banking 2Q Earnings Should Imply Upgrade to Consensus

0710 GMT - Lloyds Banking Group's earnings for the second quarter of 2022 were materially stronger than expected amid a challenging environment and will likely drive upgrades to forecasts, Jefferies analyst Joseph Dickerson says in a research note. The U.K. lender, whose net interest income beat market expectations for the period by 39%, also enhanced its net interest margin guidance for the whole year, which should imply an upgrade of around 7% to consensus pretax profit for 2022, Jefferies says. Jefferies has a buy recommendation on the stock and a target price of 78 pence a share. (sabela.ojea@wsj.com; @sabelaojeaguix)

BAT's New Categories Division Showed an Impressive Performance

0722 GMT - British American Tobacco reported a better-than-expected set of results, reflecting an impressive performance in its new categories division, James Edwardes Jones, analyst at RBC Capital Markets, says in a research note. The new categories segment--which includes vaping products and oral tobacco--reported revenue 10% above market views and a solid improvement in profit, the analyst says. "It sounds like BAT is on track to make its NGP (cext generation products) business profitable by 2025 as planned," he adds. Shares are up 0.6% at 3,941.5 pence. (michael.susin@wsj.com)

Haleon Update Addresses Growth, Margin Concerns

0712 GMT - Haleon's first-half trading update addressed two key concerns weighing on its share price since its listing earlier in July--growth deliverability, and risks around its margin structure, Citi says. The consumer-healthcare business, recently spun off from GSK, posted 2022 organic revenue growth guidance of 6% to 8%, showing it can deliver healthy results, Citi analysts Cedric Besnard and Danping Liu say in a research note. And although the update pointed to a flat margin for the year, the analysts note that 2022 was always going to be a low point due to standalone costs, while concerns that margins might need to be reset should be alleviated. Citi retains its buy rating and 360 pence price target on the stock. Shares are up 0.7% at 311.0 pence. (joseph.hoppe@wsj.com)


Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

07-27-22 0338ET

Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC 1.15% 2760 Delayed Quote.-9.53%
BASICNET S.P.A. -0.20% 5.07 Delayed Quote.-11.65%
BRITISH AMERICAN TOBACCO PLC -2.04% 3269.5 Delayed Quote.24.09%
EVERYMAN MEDIA GROUP PLC 0.00% 98 Delayed Quote.-24.03%
FIRSTGROUP PLC -3.33% 104.6 Delayed Quote.5.87%
FRESNILLO PLC -0.08% 747.8 Delayed Quote.-16.17%
GSK PLC -1.92% 1315.8 Delayed Quote.-18.37%
HALEON PLC 0.48% 280.05 Delayed Quote.0.00%
IBSTOCK PLC -4.01% 160.4 Delayed Quote.-18.01%
LLOYDS BANKING GROUP PLC -2.72% 40.715 Delayed Quote.-12.44%
MARSTON'S PLC -7.02% 34.42 Delayed Quote.-51.92%
MOTORPOINT GROUP PLC 0.00% 180 Delayed Quote.-48.57%
NICHOLS PLC -3.37% 1075 Delayed Quote.-25.46%
PARAGON BANKING GROUP PLC -5.43% 387 Delayed Quote.-27.77%
PARSLEY BOX GROUP PLC 0.00% 9.5 Delayed Quote.-71.64%
RECKITT BENCKISER GROUP PLC 0.92% 6124 Delayed Quote.-4.32%
RIO TINTO PLC 0.82% 4894 Delayed Quote.-0.78%
SMURFIT KAPPA GROUP PLC -5.34% 28.37 Real-time Quote.-38.13%
UNITE GROUP PLC -3.44% 814.5 Delayed Quote.-24.04%
WH IRELAND GROUP PLC -6.06% 31 Delayed Quote.-31.96%
WIZZ AIR HOLDINGS PLC -4.41% 1602.5 Delayed Quote.-59.97%
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