Novozymes Q1 core profit misses forecasts as costs rise
COPENHAGEN, April 25
COPENHAGEN, April 25 (Reuters) - Danish industrial enzymes producer Novozymes' reported a smaller-than-expected rise in first quarter operating profit, capped by currency headwinds and acquisition costs.
The group kept its operating profit outlook for 2013 unchanged at growth of 4 to 7 percent and profit margins exceeding 24 percent, but cut its sales outlook slightly in Danish crowns.
Earnings before interest and tax (EBIT) rose to 709 million Danish crowns ($123.58 million) in January-March, below analysts' average estimate in a Reuters' poll for a rise to 717 million. ($1 = 5.7374 Danish crowns) (Reporting by Copenhagen newsroom. Editing by Jane Merriman)