Full Year Profit Report: Aurizon Holdings (AZJ) - Dividend slightly above our estimates

Aurizons coal volumes were 211.2mt as compared to 210 mt FY14 (down 1% in QLD, NSW steady), Iron ore down 14% to 25.6mt due to end of 2 customer contracts, and Freight volumes down 1% to 46mt. Group’s operating segment: Networking up 17% to $484m, Commercial & Marketing down 2% to $3079m, Operations improved 3% to ($2527m). Net operating cash flow up 27% to $1516m. They exceeded its core financial target, to achieve a 75% Operating Ratio (OR) by FY15, delivering a full year OR of 74.3%. Delivered $123m in transformation benefits in FY15, and $252m in benefits over the two years to 30 June 2015, in line with guidance provided to the market. Read the full summary here: (VIEW LINK)