Australia's Elders slumps most in over 3 months on outlook cut

Elders

21/08/2023 01:59

** Australian agribusiness Elders Ltd  ELD.AX  tanks as much
as 13.9% to A$6.130, its worst intraday pct drop since May 15
    ** ELD among top losers in the ASX 200 benchmark index
 .AXJO 
    ** ELD at its lowest level since June 26
    ** ELD now expects FY23 underlying EBIT between A$165 mln
($105.83 mln) and A$175 mln, down from prior view of between
A$180 mln and A$200 mln
    ** That compares with last year's underlying EBIT of A$232
mln
    ** Outlook cut due to weaker-than-expected rural products
sales, pressure on gross margins, weakness in prices of cattle
and sheep
    ** Co adds it is experiencing cautious customer sentiment
    ** ELD stock down ~30% this year, as of last close, vs a
1.6% increase in the ASX 200 benchmark index  .AXJO  

   ($1 = 1.5591 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))