The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday and pushing higher. In afternoon trade, the benchmark index is up 0.25% to 7,833.4 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
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CSL Ltd (ASX: CSL)
The CSL share price is down 4.5% to $295.09. This follows the release of the biotherapeutics company's FY 2024 results. Although CSL delivered a strong result that was in line with expectations, its guidance for the year ahead appears to have disappointed the market. CSL's NPATA is expected to be in the range of approximately US$3.2 billion to US$3.3 billion in constant currency. This represents growth of 10% to 13%. However, Morgans was expecting guidance of 13% to 17% growth or US$3.3 billion to US$3.5 billion.
James Hardie Industries (ASX: JHX)
The James Hardie share price is down 3% to $48.19. This morning, this building materials company released its first quarter update and reported a 4% increase in net sales to US$992 million and a 4% lift in adjusted EBITDA to US$286 million. James Hardie's CEO, Aaron Erter, commented: "We achieved a solid start to our fiscal year, enabled by our teams' focus on safely delivering the highest quality products, solutions and services to our customers." It seems that the market was expecting a stronger start to the year.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is down 5.5% to $20.72. Investors have been selling this investment platform provider's shares following the release of its FY 2024 results. Netwealth reported an 18.9% increase in total income to $255.2 million and a 24.1% lift in net profit after tax to $83.4 million. As a comparison, Morgans was expecting "~19% revenue growth and NPAT growth of ~25%." So, Netwealth's result is marginally behind this estimate.
Seek Ltd (ASX: SEK)
The Seek share price is down almost 10% to $19.98. This has been driven by the release of the job listings giant's FY 2024 results. Seek reported a 6% decline in sales revenue from continuing operations to $1,084.1 million and a 33% decline in adjusted net profit after tax to $177.4 million. And looking ahead, FY 2025 could be another tough year. Management is guiding to adjusted net profit after tax of approximately $130 million to $180 million for the year. CEO Ian Narev said: "For FY2025, economists are forecasting weaker macroeconomic conditions in most of our markets. Based on our historical experience of similar conditions, we have assumed that paid ad volumes in ANZ will continue to decline throughout FY2025."
