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Share Price: 191.70

Bid: 191.20

Ask: 191.90

Change: 1.90 (1.00%)

Spread: 0.70 (0.366%)

Open: 194.40

High: 194.40

Low: 190.00

Prev. Close: 189.80

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South32 earnings rise comfortably in first half

Thu, 14th Feb 2019 12:33

(Sharecast News) - South32 reported growth in earnings in its half-year results for the six months ended 31 December on Thursday, with its reported profit ahead 35% at $908m.The London-listed firm's revenue was 9% higher at $3.81bn, while its profit after tax improved 17% to $635m.Basic earnings per share totalled 12.5 cents for the period, an increase of 19%, while the board confirmed a 19% uptick in ordinary dividends per share to 5.1 cents.Special dividends per share were down 43% year-on-year at 1.7 cents, however."Record production at Australia Manganese, strong operating performance more broadly and higher commodity prices delivered a 17% increase in profit after tax for the half year, while underlying earnings per share grew by 20% as we continued to benefit from our on-market share buy-back program," said chief executive officer Graham Kerr.Those underlying earnings per share were 12.6 cents for the six months."Our strong start to the year means that our production guidance is unchanged for all of our operations with the exception of Illawarra Metallurgical Coal where we have upgraded guidance by 7%."We have also lowered our unit cost guidance as we have maintained operating discipline and benefited from a stronger US dollar," Kerr explained.The company continued to reshape its portfolio during the period, by acquiring the high-grade Hermosa resource and a 50% interest in and operatorship of the Eagle Downs Metallurgical Coal project, Graham Kerr said."We are also progressing our early stage exploration projects and remain on track to divest South Africa Energy Coal with binding bids expected by 30 June."We are well-positioned for the second half of the year, with a net cash balance of $678m and an improving outlook for production and costs."That strong position had allowed South32 to return $511m to shareholders for the period, Kerr highlighted, with the declaration of a $258m fully franked interim dividend and an $86m fully franked special dividend."Having established a strong track record, we will continue to return any excess capital to shareholders in a timely and efficient manner by monitoring our financial position within the context of the prevailing macro-economic environment and our capital management framework," Kerr continued."This will involve the continuation of our existing $1bn capital management program with the recommencement of our on-market share buy-back following release of our financial results."

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17 Feb 2017 09:19

Friday broker round-up

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20 Jan 2017 09:36

BROKER RATINGS SUMMARY: Exane BNP Cuts Sainsbury's And Tesco

5 Dec 2016 12:57

Broker tips: Cranswick, miners, Tullett Prebon

(ShareCast News) - Cranswick's shares were under the cosh on Monday as Numis downgraded the food producer's stock to 'hold' from 'add' and cut the target price to 2,311p from 2,536p. While the company last week revealed a strong set of first half results, Numis noted the market's increased wariness

5 Dec 2016 11:12

Citigroup turns bullish on Western European miners

(ShareCast News) - Citigroup adjusted its ratings on a number of mining stocks on Monday as it upgraded its view on the Western European metals and mining sector to 'bullish' from 'bearish'. The bank said it now sees a more robust outlook for next year for the commodity complex, especially the bulks

5 Dec 2016 09:33

BROKER RATINGS SUMMARY: Citi Raises BHP, Anglo, Rio Tinto And South32

16 Nov 2016 09:55

BROKER RATINGS SUMMARY: Goldman And Deutsche Raise Miner Price Targets

7 Nov 2016 11:39

Monday broker round-up

(ShareCast News) - Acacia Mining: JP Morgan keeps at overweight with a target price of 620p. Indivior: Jefferies stays at buy, 450p target. Centrica: Berenberg reiterates buy with a 240p target. South 32: Deutsche Bank reiterates hold with a 122p target. Glencore: JP Morgan keeps at neutral with

7 Nov 2016 09:29

BROKER RATINGS SUMMARY: JPMorgan Raises Price Targets For Miners

4 Nov 2016 11:02

Friday broker round-up

(ShareCast News) - Coca Cola HBC: Barclays keeps at underweight with a target price of 1630p. Smith & Nephew: Jefferies stays at buy, 1395p target. Merlin Entertainments: Berenberg starts coverage with a 440p target. South 32: Barclays reiterates overweight with a 200p target. Ladbrokes: UBS keep

3 Nov 2016 11:40

South32 buys Australian Metropolitan colliery from Peabody

(ShareCast News) - South32 has agreed to acquire the Metropolitan Colliery, an underground metallurgical coal operation and associated interest in a nearby port terminal, for US$200m from beleaguered US giant Peabody Energy. As well as the cash payment, the two companies agreed a mechanism where the

31 Oct 2016 14:32

Sector movers: Macquarie delivers boost for miners

(ShareCast News) - Media and mining stocks paced gains at the start of the week. Advertising colossus WPP reported that quarterly revenues grew 23.4%, with over 15 percentage points of that growth rate coming from currency translation effects as the pound weakened. Indeed, LFL net sales growth was

31 Oct 2016 10:39

South32 warns on Illawarra Metallurgical Coal production

(ShareCast News) - Diversified miner South32 said production at its Illawarra Metallurgical Coal operation in Australia will be affected by the temporary suspension of its Appin Area 9 longwall and lower rates of production at the Appin Area 7 longwall. The company -- whose shares were up 4.03% to 1

31 Oct 2016 09:39

BROKER RATINGS SUMMARY: HSBC Raises IAG To Hold From Reduce

11 Oct 2016 10:52

Broker tips: Jupiter Fund, McCarthy & Stone, miners

(ShareCast News) - Jupiter Fund Management got a boost on Tuesday as Barclays upgraded the stock to 'overweight' from 'equalweight' and lifted the price target to 525p from 420p to reflect a sector re-rating and earnings per share upgrades. The bank said Jupiter had "remarkably resilient" net inflow

11 Oct 2016 08:58

UBS downgrades BHP and South32, ups Anglo

(ShareCast News) - UBS downgraded BHP Billiton to 'neutral' from 'buy' as it took a look at the mining sector, lifting the price target to 1,300p from 1,200p, saying the risk/reward was now balanced after a strong recovery in the share price. It noted the stock is up 63% year-to-date, outperforming

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