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By Stuart Condie
SYDNEY–Carsales.com raised its final dividend and flagged further earnings growth after its annual adjusted profit jumped 43%.
The Australian vehicle classifieds advertiser on Monday reported an adjusted net profit for the 12 months through June of 278.2 million Australian dollars (US$180.7 million). Revenue rose by 53% to A$781.0 million.
The average analyst forecast had been for a profit of A$265.5 million, according to data compiled by FactSet.
The board declared a dividend of 32.5 Australian cents, compared with 24.5 Australian cents a year earlier. Carsales said that it expects revenue and adjusted earnings to grow very strongly over fiscal 2024.
Net profit rose to A$645.6 million from A$160.8 million on a statutory basis, reflecting October’s acquisition of the 51% of U.S. RV marketplace Trader Interactive it did not already own, plus its increased stake in Brazil’s Webmotors.
Carsales completed the acquisition of a further 40% stake in the Webmotors vehicle marketplace in May, paying about US$240 million following a A$500 million equity raise. Carsales now owns 70% of Webmotors, with Banco Santander (Brasil) holding the remaining 30%.
Write to Stuart Condie at [email protected]
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