Pesticides producer Nufarm Ltd
(ASX:NUF) has downgraded its full year earnings, its fifth downgrade in two years.
On Mr McGauchie’s first day as chairman, the company revised its initial forecast to say it expects to generate a net operating profit of between $55 and $65 million for the full year.
Unfavourable climatic conditions and lower glyphosate pricing is being attributed to the guidance results.
Glyphosate accounts for much of Nufarm’s sales. Nufarm managing director Doug Rathbone says the lower than expected forecast result is extremely disappointing.
Mr Rathbone says the company now estimates net debt to be approximately $100 million higher that first expected, at $450 million.
Nufarm reported a profit of $79.88 million for the year ending 30 July 2009
