The S&P/ASX 200 Index (ASX: XJO) is back on form and racing higher on Monday. In afternoon trade, the benchmark index is up 0.5% to 8,062.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 7% to $5.14. Investors have been selling this drinks giant's shares following the release of its full year results. The company reported a 3.6% increase in group sales to $12.3 billion but a 3.2% decline in net profit after tax to $512 million. Analysts at Goldman Sachs were expecting a net profit after tax of $520 million. Despite the profit decline, the Endeavour board was able to maintain its dividend at 21.8 cents per share.
Kelsian Group Ltd (ASX: KLS)
The Kelsian share price is down almost 26% to $3.72. This has been driven by the release of a trading update from the travel and transport company this morning. Kelsian, formerly known as Sealink, advised that it expects to deliver a profit result ahead of consensus estimates in FY 2024. However, taking the shine off this was news that the company is planning to spend very big on capital expenditure. Management advised that capital expenditure in FY 2025 is expected to be between $180 million to $190 million. These funds will be put towards several strategic initiatives and investments.
NIB Holdings Limited (ASX: NHF)
The NIB share price is down 15.5% to $6.14. Investors have been rushing to the exits after the private health insurer released its full year results. NIB posted a 9.3% increase in revenue to $3.3 billion and a 77.3% jump in underlying operating profit to $257.5 million. While this may look strong on paper, it was well short of expectations. For example, Citi was forecasting underlying operating profit of $291 million and the consensus estimate was $271 million.
Perpetual Ltd (ASX: PPT)
The Perpetual share price is down 2.5% to $20.37. This morning, this fund manager announced that it is making a significant non-cash impairment. In response to net outflows, including in certain investment strategies managed by J O Hambro and TSW, Perpetual expects to recognise a non-cash impairment charge of approximately $547 million (pre-tax) in its financial results for the full year ended 30 June 2024. Perpetual has experienced net outflows of $8 billion for J O Hambro and $4 billion for TSW.
