Novozymes’ Q1 hit hard by Midwest flooding

In Denmark, Reuters reports that this winter’s heaving flooding in the US’s Midwest that knocked out significant ethanol production negatively impacted Novozymes’ Q1 bioenergy-based sales, losses which the company’s CEO doesn’t see as possible to recuperate later in the year. About 13% of the country’s total ethanol production capacity was impacted by the floods. Q1 bioenergy sales dropped 8% on the year compared to 5% analysts had pegged for the quarter. Novozymes expects the US ethanol market to get back to normal in terms of production and stock levels in the next month or so.