FRANKFURT (dpa-AFX) - Cropenergies ' lowered forecasts for the financial year left deep marks on the share price on Wednesday. The shares of the biofuel producer, which were still up before the announcement, fell by up to 8 percent. Most recently, the discount amounted to 6.9 percent to 7.85 euros. The share price thus approached the low since May 2020, which was reached at the beginning of October at EUR 7.40.
The Management Board had already expected a decline in sales and earnings compared to the previous record year, but this is now likely to be even more pronounced due to lower ethanol prices. According to a trader, the new target range for operating profit (EBIT) of EUR 70 to 100 million is below the current market estimate of EUR 113 million. The company had previously put the target range at 95 to 145 million.
Investors in another sector company, Verbio, barely reacted to the news, with its share price recently rising slightly, as it did at the start of Wednesday. The shares of Cropenergies parent company Südzucker were recently down 0.9 percent, but have already recovered from the day's low, which was down 2.8 percent./tih/men