Stocks of the Hour: Fortescue Metals, Crown Resorts & Altium

Company News

by Lauren Evans

Fortescue Metals (ASX:FMG) doubled its final dividend to $2.11, after a record year of annual shipments. The mining giant reported net profit after tax of US$10.3 billion in FY21, up 117 per cent from the prior year, driven by higher iron ore prices and low-cost production. While revenue also surged 74 per cent, the company expect to increase its capital expenditure in the next financial year by US$2.8 to US$3.2 billion. Shares in Fortescue Metals (ASX:FMG) are trading 6.3 per cent higher at $21.25.

Crown Resorts (ASX:CWN) reported revenue of $1.537 million in FY21, down 31.3 per cent from the prior year. The gambling and entertainment giant was heavily impacted by the Covid-19 pandemic as people were cooped up at home and operations were out of reach. They suffered a net loss after tax of $261.6 million and agreed to not pay a final dividend in order to rebound ongoing lockdowns. Shares in Crown Resorts (ASX:CWN) are trading 0.2 per cent higher at $9.34.

Altium (ASX:ALU) posted revenue of US$180.2 million in FY21, up 6 per cent from the prior year, driven by their Octopart and China businesses. Revenue was, however, weighed down by their Manufacturing and Nexus segments. Altium expects revenue to grow between 16 and 20 per cent next financial year by accelerating their Altium 365 platform and high-end sales through strategic partnerships. Shares in Altium (ASX:ALU) are trading 13.4 per cent lower at $30.13.

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