The S&P/ASX 200 Index (ASX: XJO) is in the red this morning, but two stocks are bucking the trend. They're boasting notable gains after both companies upgraded their earnings guidance.
Right now, the ASX 200 is down 0.1% at 7,248.6 points while the stocks are leaping as much as 7%.
So, without further ado, let's dive into the updates bolstering these ASX 200 shares on Thursday.
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2 ASX 200 stocks soaring on guidance upgrades
Graincorp Ltd (ASX: GNC)
Stock in ASX 200 agribusiness Graincorp is rocketing 7.04% to trade at $7.60 today.
It comes after the company increased its financial year 2023 earnings guidance on the release of its first-half results.
It's now expected to post between $500 million and $560 million of earnings before interest, tax, depreciation, and amortisation (EBITDA) for the full year. That's up from previous EBITDA guidance of $470 million to $530 million.
Meanwhile, its full-year net profit after tax (NPAT) is forecast to come in at $220 million to $260 million. Previously, the company expected to post $180 million to $220 million of NPAT this fiscal year.
Goodman Group (ASX: GMG)
Joining Graincorp stock in the green today is ASX 200 property group Goodman Group. Its share price is up 1.67% right now, trading at $20.12.
The market is responding positively to another guidance upgrade from the company. It now expects to post operating earnings per security (OEPS) growth of 15% for financial year 2023.
It upgraded its OEPS growth forecast from 11% to 13.5% in February on the back of a strong first half. And that strength apparently continued in the March quarter.
CEO Greg Goodman commented on the company's outlook:
The economic outlook remains uncertain … however, the group is in a strong position, with high occupancy, rental growth, and profitable developments largely mitigating the impact of higher capitalisation rates on valuations.
We have significant liquidity, low gearing, extensive hedging, and our partnerships remain in a strong financial position to leverage opportunities as they arise.
