Reporting Season Round-Up: Woodside's bumper profits, Kogan losses double, City Chic shares tumble

Lynas Rare Earths (ASX: LYC): "Continued strong performance"

Reports half-year FY23 results:

• Revenue of $370m vs. $393m expected

• EBITDA of $189m vs. $190m expected

• Net profit of $150m, down 4%: Beat analyst expectations of $129m

• Cash and cash equivalents of $934.2m, up 38.5% 

• “These results were achieved despite significant production challenges due to water supply issues in the first quarter and the start of the second quarter as well as rapid increases in costs, particularly for chemical inputs.” - CEO Amanda Lacaze 

Healius (ASX: HLS): Unwinding covid testing revenues

Reports half-year FY23 results:

• Revenue of $864.1m, down -34.2%

• Base pathology revenue up 1% compared to prior corresponding period 

• PCR testing demand dropped nearly $500m from 1H22 highs

• Net loss of $28.7m compared to $233.2m profit a year ago

• “Taking into consideration its short-term gearing levels and cash conservation, the Board has determined not to pay an interim dividend for 1H 2023.” 

Outlook: 

• “After an extraordinary trading period, lowering our cost curve has been key at Healius. We will continue to drive efficiencies as we introduce greater levels of automation into every aspect of our business. However, at these volumes we are comfortable that this largely fixed cost base can absorb a substantial increase and we expect to deliver margin expansion from revenue growth.” - CEO Maxine Jaquet 

Woodside (ASX: WDS): First full-year with BHP assets

Reports full-year 2022:

• Revenue of US$16.8bn, up 142%

• Net profit of $6.5bn, up 228%

• Underlying net profit of US$5.23bn below US$5.56bn expected 

• Final dividend of US$1.44 per share (ex-dividend March 9th)

FY23 Outlook:

• Production guidance of 180-190MMboe

• Capital expenditures of US$6.0-6.5bn

• Woodside’s gas hub exposure guidance for the portfolio, as a % of produced LNG, is 20 – 25%

Genesis Energy (ASX: GNE): Net Profits up 72% YoY 

Reports 1HFY23:

• EBITDA of $298.3m vs. $210.3m in 1HFY22 (+42%) 

• NPAT of $135.3m VS. $84.7M (+72%)

• Final dividend of 8.8cps 

• Free cash flow of $214.7m 

• Revaluation of contracts key driver behind strong NPAT result

• Customer growth climbed 2.2% in 1HFY23 (+10.2K)

Outlook: 

• FY23 EBITDA upgraded to $515m from $500m 

• “Subject to hydrological conditions, gas availability, and unforeseeable circumstances”

• FY23 capex expected to be $80m

Michael Hill International (ASX: MHJ): record first-half revenue, dividend climbs YoY

Reports 1HFY23: 

• Revenue of $363.4m vs. $327.1m YoY (+11%) 

• NPAT of $37.6m vs. $37.1m YoY 

• Comparable EBIT of $54.5m vs. $51.6m YoY (+6%) 

• Interim dividend of 4cps vs. 3.5cps YoY

• MHJ bought back 2.2% of share capital in 1HFY23 @ 8.6m shares 

Outlook: 

• Flat EBIT expected YoY (FY22 comparable EBIT was $62.9m)

• Year to Date (YTD) sales in line with management forecasts 

Kogan (ASX: KGN): net profit loss, no dividend, inventory issues recovery 

Reports 1HFY23: 

• Adjusted EBIT of -$4.4m 

• Adjusted NPAT -$9.6m vs. $4.8m YoY 

• Gross sales of $471.1m 

• Active Kogan customers at 3.32m 

• Excess inventory down -38% in 1HFY23 

• No dividend

Outlook: 

• Kogan declined to pay dividend cautious that positive January data may not hold up 

• Company expects to return to adjusted EBITDA profitability in second half 

• Gross sales expected to hit $68.8m (+33% YoY) 

• Operating costs expected to fall by -22.1% YoY

City Chic (ASX: CCX): Sales revenue down -8% YoY, no dividend 

Reports 1HFY23: 

• NPAT of $-27.2m vs. $12.3m YoY 

• Sales revenue of $168.6m -8% YoY but in line with consensus 

• Underlying EBITDA of -$17.8m vs. $27.6m YoY Sales down -17% YoY but improved from November and December trends

• No dividend 

Outlook: 

• Logistics enhancement strategy “on track” 

• Stores have improved materially in ANZ and US 

• Company to pivot away from larger-than-normal clearance sales to whittle down inventory

• “On track for positive net cash positon at FY end”