Reporting season for listed New Zealand and Australian companies is more than halfway through, and results have been generally "solid'' so far.

On the NZX50, 35 of the 50 companies have reported while on the ASX200, 150 of those companies had reported.

Craigs Investment Partners broker Chris Timms said for February, the NZX50 was up by 3.2% for the month and the ASX up 5.2%.

"While there are always the inevitable disasters, broadly speaking, results have been solid, even if expectations were subdued heading into this reporting season,'' he said.

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In New Zealand the "outperformers'' were a2 Milk and Auckland International Airport, while the "underperformers'' were Fletcher Building and Sky TV.

"A2 Milk knocked it out of the park with its result, despite the fairly lofty expectations from the market,'' Mr Timms said.

Its first-half revenue was up 41% to $613million, earnings before interest, tax, depreciation and amortisation (ebitda) rose 53% to $218million and after-tax profit was up 55% to $153million.

Positives included a guidance upgrade for second-half trading, solid key forward indicators and management noting a larger US opportunity, beyond fresh milk and adult nutrition.

Total infant formula revenue grew by 45% to $495million and now makes up 81% of the overall sales mix.

"A2 Milk are seeing no signs of a slowing China consumer, including the 12,250 China Mother & Baby Stores they sell into,'' Mr Timms said.

Auckland International Airport's ebitda rose 10.6% to $276.1million and non-aeronautical revenue, from retail, property and car parks grew 16%, again outstripping aeronautical revenue growth of 5.8%, he said.

"Overall, the outlook appears softer for the aeronautical division with reduced pricing and softer passenger growth likely to moderate earnings,'' Mr McIntyre said.

However, the non-aeronautical revenues would continue to be strong drivers, which should support group growth.

Mr Timms said Auckland Airport remained a high-quality infrastructure choice, given its dominant market position, freehold land with development opportunities, solid non-aeronautical growth outlook and solid balance sheet.

While Fletcher Building's earnings before interest and tax (ebit) of $285million was ahead of expectations, Mr Timms said it was down 8% on a year ago.

"While revenue was similar to last year, ebit fell on weaker residential markets, increased competition and higher input costs,'' he said.

The Australian market was a "key disappointment'', where ebit fell 38% to just $33million, he said.

"Fletcher's goal to double Australian ebit by 2022 seems very ambitious, given current performance and the deteriorating residential backdrop,'' he said.

While the sales of Laminex and Roof Tiles would repair the balance sheet, Mr Timms said the company appeared to be taking a "wait-and-see approach'', given there had been no talk of capital return, the reinstated dividend was minuscule, and any appetite for mergers and acquisitions "appears low''.

"Until there's tangible proof of Fletcher's ability to deliver on their strategic goals, the market is unlikely to regain appetite for the stock,'' he said.

Sky TV's earnings continued to slide in the first half. Ebitda was down 16% to $128million and revenue declines 4% to $403million.

"New pay-TV packages have so far failed to reduce customer churn or attract meaningful new subscribers, although the decline in subscribers reduced to 17,000 less, from 46,000 a year ago,'' Mr Timms said.

"Investors need to gain confidence on the earnings outlook, which currently remains opaque.''

simon.hartley@odt.co.nz