Scales shares drop 4.6% on withering earnings outlook

Mon, 03 Aug 2020

Scales Corp shares dropped 4.6 percent after the agribusiness was less upbeat about annual earnings as covid-19 hits global sales and prices.The company said it expects underlying net profit to be at the bottom end of its $30 million-to-$36 million guidance range in calendar 2020. Underlying profit was $36.4 million in 2019.“While operations within New Zealand have been able to operate effectively, sales rates and pricing in international markets have been more variable and, as a result, earnings for the full 2020 year are forecast t...

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