Mirvac Group Full Year 2024 Earnings: Misses Expectations

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editorial-team@simplywallst.com (Simply Wall St)

Mon, Aug 12, 2024, 3:24 PM 1 min read

Mirvac Group (ASX:MGR) Full Year 2024 Results

Key Financial Results

Revenue: AU$3.04b (up 56% from FY 2023).
Net loss: AU$805.0m (loss widened by 388% from FY 2023).
AU$0.20 loss per share (further deteriorated from AU$0.042 loss in FY 2023).

revenue-and-expenses-breakdown — ASX:MGR Revenue and Expenses Breakdown August 12th 2024

All figures shown in the chart above are for the trailing 12 month (TTM) period

Mirvac Group Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 23%. Earnings per share (EPS) was also behind analyst expectations.

The primary driver behind last 12 months revenue was the Development segment contributing a total revenue of AU$2.22b (73% of total revenue). Notably, cost of sales worth AU$2.12b amounted to 70% of total revenue thereby underscoring the impact on earnings. The most substantial expense, totaling AU$1.41b were related to Non-Operating costs. This indicates that a significant portion of the company's costs is related to non-core activities. Explore how MGR's revenue and expenses shape its earnings.

Looking ahead, revenue is expected to fall by 50% p.a. on average during the next 3 years compared to a 5.6% decline forecast for the REITs industry in Australia.

Performance of the Australian REITs industry.

The company's shares are down 3.0% from a week ago.

Risk Analysis

Don't forget that there may still be risks. For instance, we've identified 2 warning signs for Mirvac Group (1 shouldn't be ignored) you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.