Novozymes reports “solid” results, but misses the mark in agri sector
07 Feb 2018 --- Novozymes has announced its results for 2017, highlighting a “solid” year with 4 percent sales growth in the Organic segment, Food & Beverages experienced a 9 percent increase, but Agriculture & Feed was down 3 percent. Q4 earnings before interest and tax (EBIT) fell 4 percent to 1.02 billion DKK (US$169.85 million), missing the 1.07 billion DKK expected by analysts.
“Sales of microbes to the agricultural industry declined, primarily due to slow pick-up in demand in the fourth quarter of 2017 after a very strong Q3. Farm economics continue to be under pressure and impact sales negatively,” the company said in a statement, according to Reuters.
Novozymes increased its 2017 dividend by 12.5 percent to 4.50 DKK per share, well above market expectations of 4.19 DKK.
The company said it expects 2018 organic sales growth between 4 and 6 percent.
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