Welcome to our live blog coverage of earnings season!
This is the time of year when publicly traded companies report their financial results, giving investors and analysts a glimpse into their performance and future outlook. We'll bring you real-time updates, analysis, and commentary on the latest earnings reports from major companies across various sectors. Stay tuned as we break down the numbers, highlight surprises, and provide insights into what these results mean for the market.
______________________________________________________________________________________
Summary
- BHP reports strong results
- SEEK revenue falls
- HMC Capital pre-tax operating earnings skyrocketed
- HUB24 delivered record half-year Platform net inflows
- Dexus posts mixed results
- UFP declines
- Transocean slides below estimates
_______________________________________________________________________________________
8:40 am (AEDT):
Good morning, it’s Chloe Jaenicke here to take you through this morning's earnings.
Following on from yesterday, Westpac (ASX: WBC) reported a fall in net profit by 9%, BlueScope Steelsaw's (ASX: BSL) revenue decreased by 7%, A2 Milk's (ASX: A2M) net profit increased by 7.9% and Audinate Group (ASX: AD8) saw its share price skyrocket by 27%.
9:00 am (AEDT):
Today, BHP (ASX: BHP) reported an 8% decrease in earnings of US$25.2 billion.
Despite the decrease, BHP CEO Mike Henry said the company performed excellently and that it was underpinned by strong returns and investment in growth.
“BHP reported a strong financial performance for the half-year, underpinned by safe and reliable operations and rigorous cost control,” Henry said.
“The Group’s industry-leading margins and robust cash flow enabled the Board to determine an interim dividend of 50 US cents per share – a total of US$2.5 billion.”
According to BHP, the $2 billion decrease in revenue was primarily because of the decline in realised iron ore and steelmaking coal prices.
9:31 am (AEDT):
SEEK (ASX: SEK) reported a 4% decrease in sales revenue from A$558.0 million last year to $536.2 this year.
ANZ revenue dropped 4% to $416 million due to a drop in ad volumes, partially offset by an increase in average yield. Revenue in Asia also fell 3% to $120 million due to a 14% reduction in paid ad volume, with Hong Long experiencing the largest volume decline.
“Efficiency opportunities post-Platform Unification, including moving to a simpler more unified organisation structure, meant we could continue high levels of product innovation in priority areas such as AI and trust whilst reducing total expenditure,” SEEK CEO and managing director, Ian Narev said.
“This led to a significant increase in free cash flow despite the weaker revenue environment.”
According to Azzet senior business writer, Garry West, SEEK also experienced a 68% surge in reported profit to $139.8 million for the first half of the 2025 financial year
9:50 am (AEDT):
HMC Capital (ASX: HMC) pre-tax operating earnings skyrocketed 240% to A$202.2 million from the same time last year, with earnings per share growing 204% to 51.9 cents.
This was underpinned by the company’s strong AUM growth (up 45%) and strong deployment activity in HMC’s digital infrastructure, energy transition and private credit divisions alongside generating record investment returns and performance fees in their private equity division.
"HMC has made a strong start to FY25 with the group delivering another record financial result supported by a significant profit contribution from our private equity division and growth in recurring funds management income,” managing director and CEO, David Di Pilla said.
“We are well positioned moving into the second half of the financial year with strong momentum in each of our growth platforms.”
10:25 am (AEDT):
Challenger (ASX: CFG) announced a 28% jump in statutory net profit to A$72 million.
Normalised net profit after tax (NPAT) also increased 12% to $225 million, with the company attributing this to higher earnings from the life and funds management businesses and actions to structurally reduce the expense base.
“In the first half of 2025, Challenger reported a strong result as we delivered against our financial targets and executed our growth strategy,” Managing Director and Chief Executive Officer Nick Hamilton said in an ASX announcement.
11:12 am (AEDT):
HUB24 (ASX: HUB) delivered strong financial results for 1HFY25 with record half-year Platform net inflows of A$9.5 billion, up 31% from the same time last year.
The company’s total revenue grew 25% to $195.2 million, driven by strong growth in the Platform segment, which has revenue of $154.2 million and consistent growth in Tech Solutions with revenue of $38.0 million.
“With significant opportunities from existing and new customers across the Group, we expect strong growth and increasing profitability,” CEO and managing director Andrew Alcock said.
“By leveraging our unique Group capabilities, we will continue to drive industry transformation while enhancing value for our customers and shareholders.”
11:30 am (AEDT):
Reliance Worldwide Corporation Limited (ASX: RWC) reported a 14.8% increase in revenue from ordinary activities from US$589.5 million in 2023 to $676.5 million in 2024.
They also reported adjusted earnings per share of 9.8 cents, up 14% from the prior period.
Garry West has the full report.
12:00 pm (AEDT):
Total revenue for Deterra Royalties Limited (ASX: DRR) reached $112.4 million, which is a 6% decrease from $119 million at the same time last year.
According to the company, new revenue sources partially offset a 22% decrease in iron ore pricing.
“We are signing off the half-year to 31 December 2024 with a healthy balance sheet and strong, consistent revenues underpinned by record volumes produced at MAC and new revenue sources from recently acquired gold assets,” managing director and CEO, Julian Andrews said.
12:22 pm (AEDT):
Judo Capital Holdings Limited (ASX: JDO) reported a 70% rise in statutory net profit after tax (NPAT) to A$40.9 million.
“This result demonstrates that we continue to execute our clear and simple strategy to scale our bank and meet the needs of more Australian SMEs,” managing director and CEO Chris Bayliss said.
“This half, we have achieved a record of $2.3bn in new lending. Judo’s unique customer value proposition continues to resonate with SMEs, demonstrated by our market-leading NPS score, and we are making great progress with our regional expansion strategy.”
12:41 pm (AEDT):
SG Fleet Group (ASX: SGF) has reported A$41.1 million profit for 1H2025, a decrease from 1H24 where they reported a profit of $45.5 million.
“Combined with higher than anticipated disposal numbers, this meant that our financial performance for the period exceeded internal forecasts,” CEO Robbie Blau said.
“However, we do expect disposal levels to reduce and used values to trend lower in the second half, bringing us back in line with the guidance provided at the 2024 full year results announcement.”
1:37 pm (AEDT):
Hi everyone — Harlan Ockey here, taking over from Chloe this afternoon.
At the NASDAQ, UFP Industries (UFPI) saw sales decrease.
Net sales came in at US$1.46 billion last quarter, falling by 4% year-over-year. This is in line with Zacks estimates, however, which predicted sales would decline due to slowing demand in retail, industrial, and construction.
Its net earnings fell by US$68 million, down 34% year-over-year. Adjusted EBITDA was $132.7 million, compared with $165.6 million in 2023's Q4.
Diluted earnings per share were US$1.12 last quarter, down from $1.62 year-over-year. Estimates were $1.12.
Retail Solutions, its largest division, posted net sales of US$525 million last quarter, flat year-over-year. Net sales in Packaging and Construction fell by 9% and 5%, respectively.
Across FY2024, UFP's net sales were US$6.65 billion, dropping from 2023's $7.22 billion. Full-year diluted earnings per share were $6.77.
“The second half of 2024 proved more challenging than expected, as we continued to face softer demand and a more competitive pricing environment in the fourth quarter," said executive chairman Matt Missad.
The company said it was working with domestic and international suppliers to navigate the Trump administration's tariffs. “Although the trade landscape continues to evolve, since we do not own any foreign sawmills and have excellent relationships with our mill partners, we believe we are currently in a strong position to adapt quickly to tariffs without adverse financial impact after a short adjustment period.”
2:04 pm (AEDT):
Returning to the ASX, ARB (ARB) reported a 5.9% year-over-year increase in sales revenue last half, reaching A$361.7 million.
Total revenue was A$366.7 million, up 7%.
Its net profit was A$50.95 million, an 0.6% decrease from the same period in the prior fiscal year. Earnings per share were $0.617, down from $0.624 year-over-year.
The company's cash balance at the end of last half was A$22.8 million, with no debt.
ARB's Australian Aftermarket division made up the largest percentage of its sales last half, at 57.2%. This is a year-over-year decline from 59.5%, as its Exports division grew from 31.8% to 34.7%. Exports' sales growth was 15.4% year-over-year.
“The Board is pleased with the performance of the Australian Aftermarket which grew by 1.9% despite declining new vehicle sales and inflationary pressure constraining consumer discretionary spending,” ARB said. “The Australian Aftermarket achieved growth in all Australian states except Victoria.”
ORW, ARB's associate company in the United States, agreed to acquire 4WP and its 42 retail stores in September. The acquisition was finalised in October for A$44.9 million.
“The Company's outlook remains positive with ongoing healthy demand for ARB's products, new vehicle model releases around the world, healthy gross profits despite relatively high inflation and new products recently and soon to be released to market,” according to ARB.
2:35 pm (AEDT):
Over at the NYSE, Transocean (RIG) missed expectations on earnings per share last quarter.
The company posted a loss of US$0.11 per diluted share, below estimates of $0.003. Overall contract drilling revenue was $952 million, above last year's $741 million but below estimates of $961.5 million.
While its net income attributable to controlling interest was US$7 million last quarter, this is an improvement over both the September quarter and the same period last year. Transocean posted a $494 million net loss in September, and a $104 million loss at the end of 2023.
Adjusted EBITDA last quarter was $323 million, up from $122 million year-over-year.
Across 2024, its net loss attributable to controlling interest was US$512 million, and it reported a loss of $0.76 per diluted share.
“With industry-leading contract coverage well into 2026, our primary objective will be strong operational execution and an intense focus on cost control to ensure we maximize the conversion of our backlog to cash, enabling us to continue de-leveraging our balance sheet,” said CEO Jeremy Thigpen.
2:36 pm (AEDT):
Meanwhile, the Reserve Bank of Australia has announced it will cut rates by 0.25%. This is its first rate cut since 2020. Mark Story has the full report.
In an ASX trading update, shares in Hub24 jumped by around 8% in afternoon trading after its earnings results showed a rise in net profits. HMC Capital also surged by 12%, having posted a 240% increase in pre-tax operating earnings last half.
3:11 pm (AEDT):
At the ASX, Dexus (DXS) reported statutory net profit of A$10.3 million, a major year-over-year increase from a net loss of $597.2 million.
Adjusted funds from operations were A$251.8 million, in line with the company's expectations but down 13.9% year-over-year.
Dexus has confirmed a distribution of $0.19 per security this half.
The company's net finance costs have increased by A$16.8 million, which Dexus said was due to higher interest rates and cessation of capitalised interest.
Its office portfolio occupancy was 93.5%, falling from 94.8% in the prior half. Industrial portfolio occupancy was 95.7%, down from 96.8%.
Dexus projects its adjusted funds from operations will be A$0.445 to $0.455, for the 12 months ending 30 June.
"The high-quality assets we own, manage and develop, the capabilities we build, and the relationships we forge with clients and customers continue to position us to deliver superior risk-adjusted returns for Dexus Security holders and our capital partners over the long term," said CEO Ross Du Vernet.
Du Vernet said the company has completed a quarter of its three-year A$2 billion divestment plan so far.
3:44 pm (AEDT):
Returning to the NYSE, Noble (NE) posted mixed results, with earnings per share missing expectations last quarter but revenue continuing to climb.
Noble's diluted earnings per share were US$0.59, below analyst estimates of $0.73. Its earnings per share in 2023's Q4 were $0.39.
Total revenue was US$927 million, beating estimates of $871.4 million. Contract drilling services revenue was $882 million, increasing from $609 million year-over-year.
Net income was US$97 million, down from $140 million year-over-year. Adjusted EBITDA was $319 million, up from $201 million.
Its 2025 guidance includes total revenue of US$3.25-3.45 billion across the year, with adjusted EBITDA at $1.05-1.15 billion.
“The fourth quarter capped our first full quarter incorporating the Diamond acquisition, with solid results. We have also had a number of important contract wins recently which collectively have augmented our revenue coverage for 2025 and 2026. Integration is progressing well with over half of the $100 million targeted synergies realised to date," said CEO Robert Eifler. Noble completed its acquisition of Diamond Offshore Drilling in September.
Noble's share price closed at US$29.12, falling from its previous close at $29.61. Its share price has been down 32.72% across the last 12 months.
4:35 pm (AEDT):
At the NASDAQ, Otter Tail Corporation (OTTR) reported record annual earnings, and has increased its long-term earnings per share growth rate target.
Net income last quarter was US$54.85 million, falling by 5% year-over-year. However, net income in its electric and plastics divisions, its two largest, increased by 7.7% and 6.9% respectively across 2024.
Annual diluted earnings per share were US$7.17, with earnings per share at $1.30 last quarter.
Its manufacturing division saw net income drop 36.2% year-over-year to US$13.68 million in 2024. Its corporate division posted a loss of $3.73 million, which the company said was due to increased insurance costs.
Otter Tail's full-year 2025 guidance includes earnings per share of US$5.68 to $6.08. Its revised five-year capital spending plan will reach $1.4 billion. The company has increased its long-term earnings per share growth rate target to 6-8%, up from the previous 5-7%.
“With the strength of our balance sheet and the talent excellence we have and continue to cultivate, we feel well positioned to deliver on our revised financial targets over the long-term," said CEO Chuck MacFarlane.
Thank you for joining us today. Tomorrow, we'll see results from companies like Arista Networks, Baidu, and Santos Limited. Till next time!
