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As the S&P/ASX 200 Index recovers and climbs 0.3% to 8,070.7 points, several ASX shares are notably outperforming the market this Friday. Here’s a look at two standout performers driving the index higher:
Downer EDI Ltd (ASX:DOW)
Downer EDI’s share price has surged 18% to AU$5.65 following a strong full-year result. For FY 2024, the integrated services provider reported a 5.5% increase in revenue, totaling AU$11,743.4 million, and a robust 24.5% rise in underlying net profit after tax (NPAT) to AU$193.9 million. Analysts at Goldman Sachs highlighted the company's solid performance, noting that the underlying NPAT exceeded their expectations by 4%. This growth was fueled by strong performance in the Transport and Utilities segments and significant margin expansion.
TPG Telecom Ltd (ASX:TPG)
TPG Telecom’s share price has climbed 6% to AU$4.87, driven by its half-year results release. The telco giant reported a 1.7% rise in service revenue to AU$2,327 million and a 3.5% increase in EBITDA to AU$974 million. Although net profit after tax decreased by 39.6% to AU$29 million, due in part to higher depreciation and amortization, management remains confident in achieving the mid-point of its EBITDA guidance range of AU$1,950 million to AU$2,025 million.
These gains highlight the diverse factors driving growth across different sectors, as investors react positively to both strong financial performances and optimistic forecasts.
