For the 29 May 2024 AgFood conference briefing, GNC says in its slides:
FY24 outlook• Previously announced FY24 guidance– Underlying EBITDA of $250-280 million– Underlying NPAT of $60-80 million– Excludes business transformation costs Market outlook• Grain and oilseed margin environment expected to remain challenging for FY24• Dry conditions in Western Australia impacting exportable volumes and margins.
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This fails to take account of what at least one other source suggests is deteriorating weather in Russia that are likely to adversely affect its exports (although the situation is not as clear as it might be in a democracy where information would more freely flow).
GNC can't adjust its presentations five minutes before they begin, but as at 0730 AWST (across in Western Australia), a goodly percentage of the grain belt was enjoying some long needed rain, with more showers expected on one or two further days this week. Perhaps this is of only marginal help but shortly after 0700 AWDT, Cunderdin Airport had received 13.4 millimetres of overnight rain.
GNC Price at posting:
$8.60 Sentiment: Hold Disclosure: Held
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(20min delay)