Two ASX stocks with price jump of >5% – Graincorp and Australian Agricultural Company
Australian grain harvest and better export volumes drove the stock:Graincorp Ltd (ASX: GNC) stock rallied over 8.3% on May 11, 2017 given their better than expected performance. The group delivered an EBITDA of $236 million in the first half of 2017 as compared to $134 million in the prior corresponding period (pcp) and consequently the underlying NPAT rose to $100 million from $32 million pcp. The group expects to reach their full year EBITDA estimate of $385 million-$425 million and underlying NPAT of $130 million-$160 million. Growing Australian grain harvest and better export volumes, coupled with the group’s network efficiency efforts and managing costs have contributed to the decent result during the period. The group reported that average receivals per site rose to 70,000 tonnes from 40,000 tonnes of last harvest, driven by their developing a modern, efficient network through Project Regeneration. Management reported that their malt plant expansion in Pocatello, Idaho would become online in July this year, leading to more than double available capacity at the site. GNC is also enhancing their sales mix with a better focus on higher margin products. Better canola supply drove their oil supply with lower procurement costs. The group reported an interim dividend of 15 cents per share (cps) as compared to 7.5 cps in the pcp and intends their full year dividend to be in the range of 40-60% of underlying NPAT. To read the complete report CLICK HERE. To get your free report CLICK HERE
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