NZ's Comvita hits over 4-year low on lower earnings forecast

Comvita

20/05/2024 01:42

** Shares of New Zealand's Comvita  CVT.NZ  fall as much as
1.7% to NZ$1.69, their lowest since March 25, 2020
    ** Nature health products maker sees FY24 adj. EBITDA of
NZ$23 mln ($14.11 mln)to NZ$28 mln down from previous forecast
range of NZ$30 mln to NZ$35 mln
    ** Co trims FY24 guidance range to NZ$211 mln to NZ$218 mln,
from NZ225 mln - NZ$235 mln
    ** Says FY25 EBITDA target now considered unachievable 
    ** About 24,100 shares change hands, compared with the
30-day average volume of around 12,000 
    ** Stock down 25.2% YTD, based on last close


($1 = 1.6303 New Zealand dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))