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Aandeel OCI AEX:OCI.NL, NL0010558797

  • 24,580 15 apr 2024 17:35
  • 0,000 (0,00%) Dagrange 24,460 - 24,930
  • 250.392 Gem. (3M) 416K

OCI 2017

1.566 Posts
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  1. jessebrown 18 juli 2017 10:15
    Wires Home Login

    Tuesday, Jul 18th 2017 11AM 24°C 2PM 27°C 5-Day Forecast
    Fertiliser maker Yara's quarterly earnings hit by margin squeeze
    By REUTERS
    PUBLISHED: 08:09 BST, 18 July 2017 | UPDATED: 08:09 BST, 18 July 2017

    e-mail
    OSLO, July 18 (Reuters) - Norwegian fertiliser company Yara International posted worse than expected second-quarter results on Tuesday, citing margins hit by oversupply of certain fertilisers and a rise in gas prices, sending its shares lower.

    Yara's net income fell to 699 million Norwegian crowns ($86 million), down from 3 billion crowns a year ago and short of the 1.21 billion crowns forecast in a Reuters poll of analysts.

    Shares in Yara were down 6.2 percent at 0703 GMT, lagging an Oslo benchmark index down 0.24 percent.

    The result reflected lower commodity margins, CEO Svein Tore Holsether said, adding: "Our industry is facing strong oversupply of urea and other commodity nitrogen products."

    High gas prices in the energy-intensive business also hurt margins, with Yara's average global gas costs 24 percent higher than a year ago.

    The company said this would spur it to in the premium fertiliser segment and within industrial applications, where it said margins are more stable.

    Yara reiterated that its cost-cutting programme is on track and would deliver at least $500 million in annual earnings improvement, of which an estimated $150 million would be realised in 2017.

    "First reaction is negative; a big miss in EBITDA," said Patrick Lambert, an analyst at Raymond James. ($1 = 8.1142 Norwegian crowns) (Reporting by Gwladys Fouche and Ole Petter Skonnord; Editing by David Goodman)

    Read more: www.dailymail.co.uk/wires/reuters/art...
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