United Airlines shares tumble in after-market trade

MTN GROUP LIMITED (MTN) -10.7%

The group's financial results for the year ending 31 December 2022 demonstrated growth across several key areas. Group service revenue increased by 14.4% (15.3%) to R196.5bn, while group data revenue increased significantly by 30.4% (32.2%) to R73.7bn. Group fintech revenue also increased by 8.6% (14.3%*) to R17.3bn. The group's EBITDA increased by 12.4% (14.3%) to R90.8bn, although the EBITDA margin marginally decreased. Basic earnings per share (EPS) increased by 40.4% to 1 071 cents per share (2021: 763 cents per share). Reported headline earnings per share (HEPS) was up by 16.9% to 1 154 cents per share. The group's subscriber base increased by 6.1% YoY, and a final dividend of 330 cents per share was declared.

ABSA GROUP LIMITED (ABG) -6.6%

Absa Group reported strong financial results for the 2022 fiscal year, with normalised headline earnings of R21 billion, representing a 13% increase from the prior year and surpassing pre-Covid levels. The higher pre-provision profit was driven by robust revenue growth of 15% to nearly R100 billion, although it was partially offset by a 61% increase in impairments due to higher interest rates, inflationary pressures in South Africa, and Ghana sovereign debt-related impairments. Absa's customer base expanded, supported by enhanced digital platforms and improved product offerings, with digital customers in South Africa rising 10% and the overall customer base increasing to 9.7 million.

SUN INTERNATIONAL LIMITED (SUI) +4.0%

The group's income surged by 44% to reach R11.3 billion. Basic earnings per share also increased by over 100% to 224 cents, while headline earnings per share and adjusted headline earnings per share both grew by over 100% to 226 cents and 439 cents, respectively. The group declared an interim dividend of up to 88 cents per share and a final dividend of up to 241 cents per share.

Porsche (P911) -4.6%

Luxury car manufacturer Porsche announced a long-term target of over 20% return on sales, after reporting record earnings for 2022 on the back of increased deliveries. The company's operating profit increased by 27% to €6.77 billion ($7.23 billion) last year, with deliveries up by 2.6% to 309,884 units. Porsche proposed a dividend of €1 per ordinary share and €1.01 per preferred share. The medium-term outlook is based on sales revenue ranging between €40 billion and €42 billion.

United Airlines (UAL) +4.2%

United Airlines shares fell approximately 6% in after-hours trading yesterday after the airline forecasted a loss in the first quarter due to weaker demand growth compared to other months and higher fuel costs. The carrier expects an adjusted quarterly loss ranging from 60 cents to $1 per share, compared to its previous projection of adjusted earnings of 50 cents to $1 per share for the first three months of the year. United Airlines trimmed its estimate for unit revenues to between 22% and 23% year-over-year, down from previous guidance of a 25% increase. United Airlines still anticipates earning between $10 and $12 a share this year on an adjusted basis.

GitLab (GTLB) -0.6%

Shares of GitLab fell by up to 38% in extended trading after the company's full-year revenue guidance failed to meet expectations. Despite beating expectations on Q4 revenue, which increased by 58% YoY, GitLab's forecasted Q1 revenue and 2024 fiscal year adjusted loss per share fell below expectations. The company called for a Q1 adjusted loss of 14-15 cents per share on $117-118 million in revenue, while analysts had expected a loss of 16 cents per share and revenue of $126.2 million. For 2024, GitLab anticipates an adjusted loss of 24-29 cents per share on $529-$533 million in revenue.

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