News: GNC Graincorp Re-Confirms FY2018 Earnings Guidance Of $50 Mln To $70 Mln Underlying NPAT

May 11 (Reuters) - Graincorp Ltd (GNC) :

• "EARNINGS WERE LOWER YEAR-ON-YEAR DUE TO SIGNIFICANT REDUCTION IN CROP PRODUCTION IN EASTERN AUSTRALIA"
• "OUR STAY-IN- BUSINESS CAPEX IN FY18 IS EXPECTED TO BE $50 MILLION- $70 MILLION"
• RE-CONFIRMED 2018 FULL YEAR EARNINGS GUIDANCE OF $240-$265 MILLION UNDERLYING EBITDA AND $50-$70 MILLION UNDERLYING NPAT
• "AS OF 11 MAY, PREVAILING DRY CONDITIONS ACROSS MOST OF EAST AUSTRALIAN GRAIN BELT ARE PRESENTING SERIOUS CHALLENGES FOR GRAIN GROWERS"
• "IN EVENT OF A SMALLER HARVEST, OUR EXISTING TAKE-OR-PAY RAIL CONTRACTS WILL PRESENT A CHALLENGE, HOWEVER THESE COMMITMENTS EXPIRE IN FY19"
• "ON TRACK TO DELIVER $25-30 MILLION IN PRE-TAX BENEFITS WITHIN 18 MONTHS"
• SEES FY18 COMMITTED GROWTH CAPEX OF $80-100 MILLION
• STAY-IN-BUSINESS CAPEX EXPECTED TO REMAIN AT SIMILAR LEVELS FOR NEXT FEW YEARS