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Forex moves temper Novozymes sales, earnings growth guidance
October 25, 2013 / 6:26 AM / 4 years ago

Forex moves temper Novozymes sales, earnings growth guidance

COPENHAGEN, Oct 25 (Reuters) - Danish industrial enzymes maker Novozymes lowered its full-year sales and earnings growth outlooks due to unfavorable exchange rate moves as its third quarter operating profit rose more than expected.

Earnings before interest and tax (EBIT) of 750 million Danish crowns ($138.8 mln) in the three months to end-September compared with 720 million a year earlier and just above a forecast for 746 million in a Reuters poll.

The group lowered its full-year sales outlook and now expects growth of 3 to 5 percent in Danish crowns from an earlier guidance of 5 to 7 percent.

Net profit is now expected to grow by 7 to 8 percent from last year’s 2.02 billion crowns, narrowed from an earlier guidance of a growth of 7 to 9 percent.

$1 = 5.4038 Danish crowns Reporting by Copenhagen newsroom; Editing by David Cowell

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