Chr Hansen drops to bottom of STOXX as Q3 results disappoint

Chr Hansen Holding A/S

07/07/2022 08:38

** Shares in Chr Hansen  CHRH.CO  slump 7.5% after the
Danish food ingredients maker reports Q3 results  urn:newsml:reuters.com:*:nASM000IGY
    ** Credit Suisse says it believes that post commentary from
peers and customers, expectations had risen that could result in
initial share weakness
    ** JPMorgan expects the stock to be under pressure today
with limited upside to earnings while risks to margin delivery
remain in Q4
    ** Q3 adjusted EBIT margin came in at 26.7%, which JPM says
was below expectations due to continued inflationary headwinds
and one-off costs "related to an organizational change"
    ** The group narrows its organic revenue growth target for
2021/22 to 8-10% from previously seen 7-11%
    ** The stock is at the bottom of pan-European STOXX 600
index  .STOXX , on track for its worst day in about 2.5 years

($1 = 0.9802 euros)

 (Reporting by Jagoda Darlak)
 ((jagoda.darlak@tr.com))