There's jargon in this further small piece from 'The...

There's jargon in this further small piece from 'The Oz':

"...Wilsons analyst James Ferrier warns of "material downgrades" to FY24 earnings forecasts after the company cut its underlying FY24 EBITDA forecast to $250-280m from $270-310m and also lowered its NPAT forecast to $60-80m from $65-95m on weaker grain handling margins, dry conditions in WA, and costs associated with unplanned operational downtime at West Footscary.

1H24 underlying EBITDA guidance of 164m was "broadly in line with consensus, but well below our forecast at $193m, noting our forecast implied a 1H skew at 62 per cent compared to recent relevant years at 62-72 per cent," Mr Ferrier says.

"After peaking in FY22, margins have been normalising, so the concept of margin contraction is not a surprise, but potentially the faster rate of normalisation brings into question our assumption of margins plateauing in FY25."

He also sees potential for changes to FY25 and beyond will depending on his assessment of the trajectory in margin normalisation..."

The last line may mean this broker will downgrade GNC's anticipated future earnings, but given it's an agricultural stock, for me it's too early to do this. Too many variables: weather, geopolitical, production in competitor nations, world demand, shipping and other freight costs, population growth...