Fortescue Metals Group (ASX:FMG) shares dipped by 4.4%, marking the steepest drop since July 28.

This downward trend comes in the wake of the iron ore conglomerate reporting an underlying net profit after tax of $4.80 billion for this financial year, a decrease from the $6.20 billion posted a year prior.

The company also announced a final dividend of A$1.00 per share, down from A$1.21 a year ago.

Adding to the news, Fiona Hick, the head of the metals division and co-CEO, has resigned.

Dino Otranto is set to succeed Hick as CEO.

Despite these developments, Fortescue’s stock has still risen by 2.1% this year up to the most recent close.

Fortescue Metals Group (ASX:FMG) is a multinational corporation known for iron ore exploration and mining activities.

Fortescue (ASX:FMG) has provided its anticipated iron ore shipments for fiscal year 2024, estimating a range of 192 to 197 million tonnes.

This projection includes approximately 7 million tonnes for the company’s Iron Bridge project.

The company also forecasts their FY24 C1 cost for Pilbara Hematite to fall within US$18.00 - US$19.00 per wet metric tonne.

Additionally, the capital expenditure for fiscal year 2024 is expected to be between US$2.8 to US$3.2 billion.

The company has provided financial guidance for its Fortescue Energy division, predicting a net operating expenditure of approximately US$800 million for FY24.

Iron Bridge’s first concentrate load was shipped on July 2023.

In future, the previously existing 10 per cent of Fortescue’s net profit after tax allocated to funding Fortescue Future Industries will no longer be applicable.

The full production capacity ramp up of the Iron Bridge to 22 million tonnes per annum is expected within the next 24 months.

The anticipated operating expenditure for Iron Bridge in FY24, excluding shipping and royalty costs, will approximately amount to US$400 million, as per Fortescue’s share.

Lastly, the company recognized a non-cash, post-tax impairment charge for Iron Bridge of US$726 million and is taking action to eliminate emissions profitably across its iron ore operations and entire value chain.

Fortescue is an Australian iron ore company specializing in the exploration predominantly in Western Australia.

Fortescue (ASX:FMG) recently declared their final dividend of A$1.00 per share.

Alongside this announcement came their annual financial statements, which included figures like their FY net profit.

The figures indicated that the attributable sum was US$4,798 million.

This is notably less than the reported US$ 6,197 million in the previous year.

Additionally, Fortescue’s (ASX:FMG) revenue from ordinary activities was reported to be US$ 16,871 million.

This figure also saw a slight dip from the previous year’s reported revenue of US$17,390 million.

Fortescue is an Australian company known primarily for iron ore extraction.

Fortescue (ASX:FMG) recently announced its decision to speed up the appointment of Dino Otranto as Chief Executive Officer.

This decision is in line with Fortescue’s future plans and strategies.

The company also announced that Larry Marshall has been appointed as a Non-Executive Director.

Fortescue also shared that Fiona Hick, in a joint agreement with the company’s board, has made the decision to exit the company.

Fortescue is an Australian multinational corporation known primarily for its iron ore extraction and processing operations.

First Quantum Minerals (ASX:FM) and Rio Tinto have completed a transaction to move ahead with the next phase of the La Granja project, as initially announced.

With the completion of this transaction, First Quantum Minerals has purchased a 55% stake in the project for $105 million and becomes the operator of La Granja.

The company is set to invest up to an additional $546 million in the project.

Despite this investment, there is no alteration to the three-year guidance the company provided in January 2023 on capital expenditures.

First Quantum Minerals is a global mining company specializing in the exploration, development and production of mineral properties.

Citi Financial recently reduced its price target for Reece, a plumbing and bathroom supplies business, due to their bleak perspective, suggesting a more challenging environment and diminishing pricing power.

The updated price target is now A$14.20, reduced from A$14.30, while the ‘sell’ rating remains unchanged.

Despite Reece reporting an 11% jump in adjusted profit after tax for the fiscal year 23 at A$405 million, Citi revised Earnings Before Interest and Taxes (EBIT) expectations downward by approximately 4% for fiscal years 24 to 25.

Given the current softer outlook and the weakening broader economy, interest seems to impose a significant drag entering FY24.

Factoring in leases, Citi anticipates finance costs of approximately A$100 million in FY24, marking a significant increase from FY23.

Presently, 3 out of 11 analysts assign a ‘hold’ rating to the stock and others rate it as ‘sell’ or lower, placing the median price target at A$14.85, according to data from Refinitiv.

However, Reece shares have seen a 38.5% uptick this year, as of its last closing.

Reece (ASX:REH) is a business specializing in plumbing and bathroom supplies.

Financial analysts project potential earnings growth for Australian conglomerate Wesfarmers (ASX:WES).

The company’s Kmart chain is demonstrating sales resilience, meeting the expectations of a well-strategized cost management plan.

With brokers like Jefferies not relating Wesfarmers to the elevated margin levels prevalent among other discretionary retailers, prospects appear favorable.

Jefferies subsequently revised their target price for Wesfarmers, hiking it to A$57.00 per share from A$49.50 per share.

Moreover, they acknowledge that while the stock is not inexpensive, the promising outlook for core businesses, the imminent lithium earnings, and the potential upside from major expansion projects signify growth potential.

Citi’s analysts have revised their earnings before interest and taxes (EBIT) predictions for Wesfarmers for FY24 and FY25 upwards by 3% and 1% respectively.

They maintain that Kmart margins are seeing positive impacts of lesser freight and sourcing expenses, anticipating a continuation into 1H24.

Nonetheless, Citi suggests there might be room for Wesfarmers sales to slump as the eventual effects of interest rate hikes are yet to take full effect.

Among sixteen analysts, six rate the stock ‘buy’ or higher, seven suggest ‘hold’, and three rate it ‘sell’ or lower, their median price target being 49.80 per share.

The stock has ascended by 11.9% this year up until the last closing.

Wesfarmers (ASX:WES) is an Australian conglomerate with diverse business operations ranging from retail to industrial.

John Mullen, Chairman of Telstra Group (ASX:TLS), has unveiled plans to retire at the conclusion of the upcoming Annual General Meeting (AGM) in October.

The telecommunications giant also announced that Craig Dunn is set to take on the role as Telstra’s next chairman following Mullen’s departure.

An overview of the company: Telstra Group is a leading telecommunications and technology company offering a wide range of services globally.

MarketGrader continues to uphold the ‘buy’ rating on Whitehaven Coal (ASX:WHC).

Previously, Whitehaven Coal forecasted its coal output for 2024 to fall between 18.7 million metric tons and 20.7 million metric tons, which is a notable increase from the previous year’s 18.2 million metric tons.

However, this is still below a Visible Alpha estimate of 21.6 million tons, as stated by Barrenjoey.

‘Despite its recent slip in operating profits, the company has recently raised its dividend payout pretty substantially, underscoring its strong, ongoing commitment to return cash to its shareholders,’ MarketGrader points out.

The firm also commented that the company’s profitability indicators are noteworthy, reflecting the excellent health of Whitehaven Coal’s business.

Meanwhile, the shares of the company have dipped 31.2% YTD, as per the latest closure.

Whitehaven Coal is a leading coal producer aiming to efficiently and sustainably use natural resources.

Anteris Technologies (ASX:AVR) recently reported a half-year net loss after tax of A$30.2 million.

This figure represents a profit slump compared to the previous year, which saw a net loss after tax of A$22.1 million.

In addition, the company’s revenue from ordinary activities for the half-year amounted to A$2.3 million.

This was a slight decline from the A$2.5 million recorded the previous year.

Anteris Technologies is a company specializing in developing and providing innovative cardiovascular technologies.