CropEnergies slashes full-year outlook as ethanol prices drop

CropEnergies AG

15/11/2023 10:42

Nov 15 (Reuters) - Biofuel maker CropEnergies  CE2G.DE 
cut on Wednesday its full-year outlook, citing a sharp decline
in ethanol prices since the beginning of November.
    Now the company anticipates full year revenues to be between
1.24 billion to 1.30 billion euros ($1.35-$1.41 billion),
compared to previously expected range of 1.27-1.37 billion.
    CropEnergies, which makes ethanol and animal feed from
renewable substances such as biomass, said it expected
volatility in sales, raw material and energy markets to increase
again, heightened by the recent escalation in the Middle East.
    It now expects earnings before interest, taxes,
depreciation, and amortization (EBITDA) to be in a range of 115
million to 145 million euros, down from an earlier forecast of
140-190 million euros.
    Shares in CropEnergies were down 7% at 10:35 GMT.
    


($1 = 0.9216 euros)

 (Reporting by Amir Orusov and Anastasiia Kozlova, editing by
Linda Pasquini)
 ((Amir.orusov@thomsonreuters.com;
Anastasiia.kozlova@thomsonreuters.com))