Australia's Nufarm slumps to near 4-year low on annual earnings forecast cut

Nufarm

15/08/2024 02:27

** Shares of crop protection and seed technology co Nufarm
 NUF.AX  drop as much as 12.1% to A$3.860, their lowest since
November 2020
    ** Co trims FY24 underlying EBITDA forecast to A$300
mln($197.67 mln) to A$330 mln, from previous forecast of between
A$350 mln and A$390 mln
    ** Says competitive pressure is causing adverse movements in
price and product mix which are impacting its North American
crop protection business
    ** Says it has achieved lower-than-expected pricing for its
omega-3 oil which has negatively impacted FY24 expectations
    ** Stock top loser on ASX 200 benchmark index 
    ** As of last close, stock down 15.9% YTD


($1 = 1.5177 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))