Nufarm Swings to Loss in Fiscal 2024; Revenue Drops 4%; Shares Up 5%

MT Newswires Live

Nov 14, 2024

Nufarm (ASX:NUF) reported a loss of AU$0.068 per share for the 12 months ended Sept. 30 compared with earnings of AU$0.26 per share a year ago, according to a Thursday filing with the Australian bourse.

Analysts polled by Visible Alpha expected a loss per share of AU$0.02.

Attributable net loss was AU$47.5 million compared with a profit of AU$203.9 million a year ago.

Revenue fell 4% to AU$3.35 billion from AU$3.48 billion a year ago. Analysts polled by Visible Alpha expected AU$3.3 billion.

The crop protection and seed technology company said it is focused on cutting cost and working capital, improving return on funds employed, and supporting its growth platforms. It targets AU$50 million of annualized savings in overhead costs by the end of fiscal 2025.

The company's shares were up almost 5% in recent Thursday trade.

Price (AUD): $3.83, Change: $+0.18, Percent Change: +4.78%

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