Australia's United Malt Group marks worst week ever on FY22 forecast cut

United Malt

05/08/2022 06:28

** Shares of United Malt Group  UMG.AX  tumble 13.8% for the
week marking its worst week ever
    ** Stock is up nearly 2% to A$3.2  
    **  Commercial maltster earlier this week slashed its FY22
core income guidance to range of A$100 mln to A$108 mln ($69.67
mln -$75.24 mln), from A$115 mln to A$140 mln  urn:newsml:reuters.com:*:nL4N2ZD04X 
    ** Co cited increasing production costs and supply chain
bottlenecks at its North America processing segment 
    ** Jefferies slashed its PT for co to A$3.80 from A$4.50,
while Morningstar said rising input costs, among others  weighed
more than they expected on near-term earnings 
    ** Stock has fallen nearly 28% this year, as of last close 

($1 = 1.4353 Australian dollars)

 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))