Australia's Goodman Fielder shares fall 18 percent after it downgraded earnings guidance
SYDNEY Shares in Australia's Goodman Fielder GFF.AX fell as much as 21 percent to A$0.48on Wednesday, their lowest since August 2012, after the food company downgraded its earnings guidance for the fourth quarter.
Goodman Fielder said it expects normalized EBIT for FY 2014 to be about 10-15 percent below current expectations of about A$180 million because its earnings are expected to be impacted by difficult trading conditions and lower customer inventory levels.
Shares in the company were down 19.7 percent to A$0.49 at 2312 GMT.
(Reporting by Thuy Ong; Editing by Paul Tait)