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Novozymes reports “solid” results, but misses the mark in agri sector

Novozymes has announced its results for 2017, highlighting a “solid” year with 4 percent sales growth in the Organic segment, Food & Beverages experienced a 9 percent increase, but Agriculture & Feed was down 3 percent. Q4 earnings before interest and tax (EBIT) fell 4 percent to 1.02 billion DKK (US$169.85 million), missing the 1.07 billion DKK expected by analysts.

The company maintains, that, regarding the 2018 outlook, good momentum in the business and a strong pipeline of products and opportunities will continue to see organic sales growth of 4-6 percent and an EBIT margin of around 28 percent.

Peder Holk Nielsen, President & CEO of Novozymes said: “2017 was satisfactory with solid growth and margins. Similar to other years, 2017 saw differences in divisional growth rates, but serving more than 40 industries with enzymes and microbes provides robustness. Our key priorities for 2018 are to increase our presence with new and existing customers, especially in emerging markets, and ensure we cater to individual customer needs with impactful innovation. And although uncertainties exist, with good momentum, a strong product pipeline and increased commercial activities, we see a promising outlook with accelerating growth for 2018 and beyond.”

“Sales of microbes to the agricultural industry declined, primarily due to slow pick-up in demand in the fourth quarter of 2017 after a very strong Q3. Farm economics continue to be under pressure and impact sales negatively,” the company said in a statement, according to Reuters.

Novozymes increased its 2017 dividend by 12.5 percent to 4.50 DKK per share, well above market expectations of 4.19 DKK.

The company said it expects 2018 organic sales growth between 4 and 6 percent.

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