FRANCE: Bonduelle shares slump after profit warning
Bonduelle warning sent shares tumbling
Shares in French processed vegetable group Bonduelle tumbled today (5 October) after the company forecast falling profits for its coming fiscal year.
Bonduelle's stock was hit following the company's admission that it expected a "significant but non-recurrent" fall in operating profit in its 2010/2011 financial year. The group also forecast a "limited" increase in turnover.
The warning sent Bonduelle's shares sliding and they were down 7.2% at EUR63.52 at 12:54 CEST this afternoon.
Earlier, the company had reported a doubling in its net profit for the 2009/2010 fiscal year from EUR26.6m (US$36.6m) to EUR58.3m. Full-year operating profit was up 2.5% at EUR101.8m and turnover rose 2.3% to EUR1.56bn.
Bonduelle said its 2009/10 results had benefited from the integration of recent acquisitions including Belgian canning company La Corbeille and Canadian groups Family Tradition Food and Omstead Food.
Sales were also boosted by Bonduelle gaining market share across its major markets through promotions and new products.
Operating profit was helped by better profits from chilled vegetables in Europe. Net profit jumped as the company was lapping a year when its bottom line was affected by "the fair-value evaluation of financial instruments".
Click here for Bonduelle's full-year earnings statement.
French vegetable processor Bonduelle has raised its full-year operating income target range, despite booking a 38.5% drop in first half net profit....
French vegetable processor Bonduelle has announced that it plans to close its Antwerp Westmeerbeek canning facility, with the loss of around 130 jobs....
- Analysis: Tyson's shrewd investment in Beyond Meat
- Price an underlying tension across European FMCG
- Thailand: convenience to continue to thrive
- Danone's Q3 sales - what the analysts say
- Interview: Some Foods on rise of low-FODMAP market
- Bel takes majority stake in MOM Group
- Mars launches Maltesers in the US
- Unilever in continuing price spat with Musgrave
- China milk powder arrests prompt Fonterra "review"
- Nestle lowers outlook on "softer environment"
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Omega-3 in Food and Beverage:Time for a Reboot?
- Packaged Food: Quarterly Statement Q3 2016
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Constellation Brands, Inc. (STZ) - Financial and Strategic SWOT Analysis Review