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Investing.com -- Shares of KWS SAAT SE (ETR:KWS) dropped 2% following the release of the company’s financial results, which showed a decline in sales and earnings that fell short of consensus estimates.
The company reported group sales of €927 million, which was a 6% decrease compared to the expected €985 million.
The company’s Earnings Before Interest and Taxes (EBIT), including eliminations, came in at €403 million. This figure indicated a margin contraction of 200 basis points compared to the same quarter last year. The Corn EBIT was particularly notable, at €155 million, marking a 22% decrease from the consensus estimate of €199 million.
Sales in the Corn segment also fell short, with a 9% drop to €480 million against expectations of €526 million, coupled with a margin decrease of 510 basis points year-over-year (YoY).
The Corporate & Elimination segment reported sales of negative €151 million and an EBIT of negative €50 million. Additionally, the year-to-date free cash flow (FCF) from continuing operations was negative €4 million. The company’s net debt stood at €179 million, implying a net debt to EBITDA ratio of approximately 0.5 times.
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