CropEnergies trims revenue outlook again on falling ethanol prices (updated)

CropEnergies AG

15/12/2023 09:57

(Adds Q3 results figures, backgroud info)
       Dec 15 (Reuters) - German biofuel producer CropEnergies
 CE2G.DE  on Friday cut its full-year revenue outlook, citing
persistent deterioration of the earnings situation as ethanol
prices continue to drop.
    Now the company expects full-year revenue to come in the
range of 1.23 billion to 1.25 billion euros ($1.35-1.37
billion), compared to a previously expected range of 1.24-1.30
million euros.
    On Nov. 15, the company already downgraded its full-year
guidance, citing a sharp decline in ethanol prices since the
beginning of that month.
    CropEnergies, a subsidiary of Europe's largest sugar refiner
Suedzucker  SZUG.DE , also reported preliminary third-quarter
revenue of 312 million euros, compared to 328 million euros a
year ago, and operating profit of 27 million euros, compared to
56 million euros in the same period last year.

($1 = 0.9125 euros)

 (Reporting by Amir Orusov and Anastasiia Kozlova, Editing by
Linda Pasquini and Rachel More)
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