Orkla falls on Q4 profit, organic sales miss

Orkla ASA

08/02/2024 09:47

** Shares in Orkla  ORK.OL  fall around 6% to nearly
three-month low after the Norwegian food processing company
posted Q4 results below estimates
    ** Its adjusted EBIT came in at NOK 1,622 million ($152.96
million) for the quarter, 17% below the Visible Alpha consensus
estimate cited by UBS
    ** Organic sales growth across Orkla's 11 consolidated
portfolio companies amounted to +5.3%, also coming short of UBS
estimate of +5.6%
    ** UBS notes that the miss on organic sales growth was
largely driven by Orkla Food Ingredients that posted +1.1%
organic growth versus consensus +4.0%
        ** The business was hit by a 1.8% decline in vol/mix due
to the strong comparables for Plant-based, the broker says
  
    ** The is among bottom performers on pan-European STOXX 600
index  .STOXX 



($1 = 10.6042 Norwegian crowns)

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))