Australian earnings beats have outpaced misses for the first time in four years, defying a challenging economic backdrop and bolstering chances for a stalled stock rally to resume. Almost half of the companies on the S&P/ASX 200 Index reported better-than-expected profits, with earnings beats outnumbering misses by 1.5 times, according to data compiled by Bloomberg. The stronger results helped propel the nation's equity benchmark index to a record high in early August, before paring gains to end the month up 1.1%. Whether the earnings beat can revive the stock rally may now hinge on company guidance and the outlook for profit growth, as higher interest rates and a housing slump continue to weigh on parts of the economy. Investors will be looking for signs that the stronger results can carry into the next financial year.
BHP Group Limited
Rio Tinto PLC
ASE Industrial Holding Co Ltd
Carlisle Companies Incorporated
Woodside Energy Group Ltd