Corbion shares jump on Q3 profit beat, outlook hike

Corbion NV

29/10/2024 08:22

** Shares in Corbion  CORB.AS  jump over 5% after the Dutch
food ingredients group posted Q3 core profit above consensus and
hiked its outlook   
    ** The co posted Q3 adjusted EBITDA of 49.6 million euros
($53.62 million), 5% above consensus, says KBC Securities
    ** The firm now sees FY adjusted EBITDA organic growth
between 22%–25% in comparison to over 18% previously, and 2024
free cash flow (FCF) over 60 million euros, up from over 50
million before
   ** KBC Securities notes FY core profit hike seems
conservative with consensus forecasts of a 28% growth
    ** "The strategic choices made recently (sticking to PLA, a
disciplined investment approach on Algae, a much increased FCF
focus) make sense," says KBC adding it appreciates Corbion for
its leading position in lactic acid
    ** Degroof Petercam says that "expectations on the quarter
were high, but the company more than delivered"
    * If gains hold, the stock will have its best day since
August
    

($1 = 0.9250 euros)

 (Reporting by Michal Aleksandrowicz)
 ((michal.aleksandrowicz@tr.com))