October 29, 2010
Nutreco reports quarterly revenue up 11%
Dutch Feed company Nutreco has released its update for the third-quarter (Q3) of 2010, which highlights an 11% increase in revenue.
According to the quarterly report, revenue for Q3 2010 was EUR1.33 billion (US$1.84 billion), an increase of 11.0% from Q3 2009.
Operational results in Premix and feed specialties were higher than in Q3 2009. Volumes continued to be strong with 5.5% increase in Q3 and 7.2% for the year-to-date.
Higher operational results in Fish Feed in Q3 were put down to a strong recovery in Chile, focused on profitable volume growth and operational excellence.
Operational results for the sector Compound Feed in Europe were higher than in Q3 2009. Operational results in Animal Nutrition Canada were in line with last year. Operational results in Meat & Other were lower compared with a particularly strong period in Q3 in 2009.
Nutreco has confirmed the outlook for the full year 2010, expecting an increase of approximately 25% in EBITA before exceptional items compared with 2009, which was EUR175.2 million (US$242.4 million).
Wout Dekker, CEO of Nutreco, commented: "We have experienced a strong Q3 2010 in line with the outlook given in our half-year report. The results in Premix and feed specialties continued to be strong with a good organic growth. In the Fish Feed segment, we are pleased with the higher operational results and the strong recovery in Chile. The compound feed operations in Europe are showing a good performance which is better than the same period last year. The Canadian business is performing well and in line with last year''s operating result. The meat operations have good results but lower compared with the excellent third quarter in 2009.''''
"We are pleased with the performance in this quarter. Based on the business developments in the third quarter, we confirm our outlook for the full year 2010," he said.