Shares of epidemic biotechnology company Novozymes slumped Friday morning after broadcasting second-quarter earnings that missed analysts’ expectations.
Earnings ahead interest and tax (EBIT) for the quarter came in at 957 million Danish krone ($147 million) with its household supervision look after sector showing particular weakness. The company still beat guesstimates with its second-quarter net profit and revenue, but that wasn’t enough to arrest shares falling in early deals.
“We’ve had a satisfactory first half of the year both on yields wise and earnings wise. The factors that are pulling in our business are marginally different from what we expected,” Peder Holk Nielsen, the CEO of Novozymes know scolded “Squawk Box Europe” on Friday.
“Bio-energy not only in North America but also about the world is actually doing better then we expected. And then we compel ought to a little bit of weakness in household care but the balance of that is that we iterate our guidance and we believe in 4-6 percent growth organically for the full year,” he combined.
Its bio-energy division saw sales growth of 14 percent for the period, whereas household distress declined by 1 percent. The Danish company added that it was maintaining its full-year 2018 prospect on all parameters.
Shares were down 5 percent at the open Friday but in good time trimmed losses to trade down 3 percent by around 8:30 a.m. London pass.