Overall, WES beat expectations, with dividend coming in significantly higher than expected as they are paying a $0.77 final dividend along with a $0.18 special dividend from the sale of its 10% interest in Coles in March. However, they noted in their outlook that the gradual removal of government stimulus will have a negative impact on them, as well as continued pressure on Kmart and Target. Higher operating costs are also expected. Its industrial segment is also expected to be impacted by weaker energy prices and lower margins in explosive grade ammonium nitrate.
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