Novozymes reports sales, earnings growth for Q3

In Denmark, Novozymes reported sales growth of 6% in DKK for the first 9 months of 2012. EBIT grew by 12% compared with the first 9 months of 2011, increasing the EBIT margin to 24.6%. The expectations for full-year 2012 EBIT growth, EBIT margin and net profit growth are maintained, as is the expectation for free cash flow. The expectation for organic sales growth is adjusted within the previously announced range to 4%. Sales growth is now expected at 3% in local currencies and 7% in DKK.

“While sales performed below our full-year expectations, it’s good to see the strong earnings development in the first 9 months of 2012,” says Novozymes CEO Steen Riisgaard. “Enzyme sales to the Household Care and animal feed industries performed well as anticipated, but sales growth in the bioenergy area remains challenged. As a consequence, expectations for full-year sales growth have been adjusted, whereas the outlook for earnings and cash flow is unchanged.”