Elders (ASX:ELD) expects higher earnings in FY22

Company News

by Lauren Evans

Agribusiness company Elders (ASX:ELD) says it expects underlying earnings before interest and taxes (EBIT) for the 2022 financial year to be 20 to 30 per cent above 2021 financial year levels.

The company says the outlook is ahead of market expectations, calculated from the mid-point of the earnings expectations of sell side analysts covering the company.

“Elders’ performance so far in our financial year 2022 has been strong and exceeds our performance after the first five months of FY21,” said chief executive officer Mark Allison.

”After finalisation of the February trading numbers, which continue improved earnings for the first quarter, we now believe we will exceed analysts’ consensus for the full year to 30 September 2022 and produce an underlying EBIT result in the range - which is necessarily broad given we are only five months into our financial year - set out above.”

"We have seen improvement in our Retail and Wholesale segments compared with the same time last financial year due to increased sales and favourable seasonal conditions in most parts of Australia.”

Shares in Elders (ASX:ELD) are trading 11.6 per cent higher at $13.40. 

Image from: https://elders.com.au/

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