Nufarm cuts profit forecast on poor final quarter
Much lower-than-expected agrochemical sales in May and June have prompted Nufarm to slash its year-end earnings forecast for fiscal 2010. The company expects to generate a net operating profit (excluding non-operating items) of Aus$55-65 million (US$46-55 million at the current rate) in the year ended July 31st 2010. In late May, Nufarm reaffirmed its earlier earnings guidance ( Agrow No 593, p 4). The company had forecast a full-year operating profit of Aus$110-130 million (US$93-110 million) and a reported profit after material items of Aus$80-100 million (US$67-84 million - Agrow No 589, p 5).