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Why Ansell, Kogan, Monadelphous, & NIB shares are tumbling lower

These ASX shares are not having a good time on Tuesday…
The post Why Ansell, Kogan, Monadelphous, & NIB shares are tumbling lower appeared first on The Motley Fool Australia. –

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is following the lead of US markets and pushing higher. At the time of writing, the benchmark index is up 0.3% to 7,512.5 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:

Ansell Limited (ASX: ANN)

The Ansell share price has sunk 10% to $36.46 after the release of its full year results. Thanks to COVID-19 tailwinds, the company reported a 57% lift in net profit to US$248 million. However, this fell short of the consensus estimate of US$256 million. Also weighing on sentiment was its outlook. Management advised that it expects demand for medical PPE to taper off as COVID-19 impacts lessen. It also warned that disruptions to its factories and suppliers could weigh on costs.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is down 14% to $11.30 after the release of its full year results. For the 12 months ended 30 June, the ecommerce company reported gross sales growth of 52.7% to $1,179 million but an 86.8% decline in net profit after tax to $3.5 million. The latter was driven by inventory issues. Unfortunately, FY 2022 has started poorly, with the company reporting a small increase in gross sales and an 80% reduction in EBITDA.

Monadelphous Group Limited (ASX: MND)

The Monadelphous share price is down 13% to $10.21. In FY 2021, the engineering company reported an 18% increase in revenue to $1.95 billion and a 29% lift in net profit after tax to $47.1 million. However, its cash flow generation was poor and its outlook was soft. Management warned that revenues would be lower in FY 2022. It also advised that the shortage of skilled labour will continue to be the major challenge.

NIB Holdings Limited (ASX: NHF)

The NIB share price is down a further 5% to $6.73. This appears to have been driven by a broker note out of Citi. In response to its results yesterday, the broker has downgraded NIB’s shares to a sell rating with a reduced price target of $6.30. It was particularly disappointed with the performance of its international business.

The post Why Ansell, Kogan, Monadelphous, & NIB shares are tumbling lower appeared first on The Motley Fool Australia.

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More reading

NIB and Ampol share prices fall, new record for Domino’s. Scott Phillips on Nine’s Late News

Kogan (ASX:KGN) dividend scrapped, share price plummets
ASX 200 midday update: Kogan crashes, Nanosonics rockets

FY 2021 results: Monadelphous (ASX:MND) share price crashes 14% on subdued outlook
Kogan (ASX:KGN) share price sinks 8% after FY21 results and weak start to FY22

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Ansell Ltd. and NIB Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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