CropEnergies slashes full-year outlook as ethanol prices drop
Nov 15 (Reuters) – Biofuel maker CropEnergies CE2G.DE cut on Wednesday its full-year outlook, citing a sharp decline in ethanol prices since the beginning of November.
Now the company anticipates full year revenues to be between 1.24 billion to 1.30 billion euros ($1.35-$1.41 billion), compared to previously expected range of 1.27-1.37 billion.
CropEnergies, which makes ethanol and animal feed from renewable substances such as biomass, said it expected volatility in sales, raw material and energy markets to increase again, heightened by the recent escalation in the Middle East.
It now expects earnings before interest, taxes, depreciation, and amortization (EBITDA) to be in a range of 115 million to 145 million euros, down from an earlier forecast of 140-190 million euros.
Shares in CropEnergies were down 7% at 10:35 GMT.
($1 = 0.9216 euros)
(Reporting by Amir Orusov and Anastasiia Kozlova, editing by Linda Pasquini)
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