Novozymes’ Q1 hit hard by Midwest flooding
April 24, 2019
| Meghan Sapp
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.
Category: Fuels