* Q3 sales 1.535 bln euros, vs 1.53 bln in poll
* Reiterates 2011 EBITA forecast of 230 mln euros
* Expects excellent H2 results for fish feed
* Shares down 0.7 percent
By Aaron Gray-Block
AMSTERDAM, Oct 20 Dutch food group Nutreco
is sticking to its full-year forecasts after
successfully passing on higher costs in the third quarter and
said it was on the lookout for acquisitions.
Nutreco, which produces animal and fish feed and is a major
poultry processor, said 11.7 percent of its 14.6 percent rise in
third-quarter sales was due to higher selling prices as it
passed on rising costs to farmers for crops such as grain, corn
and soya bean. It said it was also benefiting from strong sales
at its fish feed business.
"In the second half year we expect excellent results in fish
feed and the total of our other activities to be in line with
last year or slightly higher," Nutreco said on Thursday.
Nutreco, which competes with Norvite Animal Nutrition
Company, Cargill , Altech and DSM , in August
missed out on buying rival Provimi, which was acquired by
Cargill, and is now on the lookout for smaller bolt-on deals.
The company said it had a strong balance sheet and aimed to
expand its fish feed business into new regions and make
acquisitions for its feed additives activities.
It will provide a strategy update on Nov. 16.
KBC Securities analysts said Nutreco was well positioned to
pursue external growth, both in fish feed and in markets in
China, Russia and Brazil.
The company reiterated that it expected full-year earnings
before interest, tax and amortisation (EBITA) to be around 230
million euros, up about 3 percent from 2010.
"Nutreco's third-quarter sales were somewhat below our
forecast, but, more importantly, the company maintained its
full-year guidance," SNS Securities analysts said.
Nutreco shares were down 0.7 percent at 48.22 euros at 0841
GMT, in line with a 0.7 percent decline in the Amsterdam midcap
It reported a 14.6 percent rise in third-quarter sales to
1.535 billion euros, bringing its nine-month tally to 4.108
Analysts in a poll commissioned by Reuters had forecast on
average third-quarter sales of 1.53 billion euros.