Pioneer’s shares fall after profit warning
By Robert Laing - Oct 23rd 2017, 10:34
Pioneer Foods’s share price fell 6% to R110.62 after it warned shareholders its earnings for the year to end-September had halved.
Pioneer said it expected to report on November 20 that its headline earnings per share (HEPS) would fall to between R3.98 and R4.70 from the previous year’s R9.04.
Revenue decreased by between 4% and 6% from the R20.6bn in the comparative period due to a combination of deflation, volume declines and resistance to price increases, the trading statement said.
"The unfavourable maize procurement position entered into in 2016 muted the performance of the maize category until June. Maize has since been milled at market-related cost."
"Fruit export performance, given the shortage of raisin stock in the first half of the financial year, was further impacted by the lower US dollar prices realised and a stronger rand," Pioneer said.
By 9.30am the stock had recouped some of the losses, to trade 2.36% lower at R115.20.© BusinessLIVE MMXVII
Macy's cuts forecast again after gloomy quarter
22/11/2019 - 14:04
Macy’s cut its annual profit forecast for the second time in 2019, as the department store operator blamed weak international tourism and sluggish mall traffic for the first drop in same-store sales in two years.
Kraft Heinz reined in costs and increased prices — and it worked
05/11/2019 - 11:28
Kraft Heinz beat analyst expectations for third-quarter profit on Thursday as the packaged food company reined in costs and increased prices in the face of slowing demand for some of its key brands.
Shoprite shares in dramatic U-turn after update
05/11/2019 - 09:04
Shoprite’s share price jumped by 6% in opening trading on Monday after the group reported turnover growth of more than 7% in the three months to September. But by later afternoon, its share price was down almost a percent.
AB InBev reports weak results in "challenging" third quarter
01/11/2019 - 14:49
AB InBev, the world’s largest brewer, reported weaker-than-expected third-quarter profit and sales, due to higher cost of sales, marketing investments and price increases in two major markets, South Korea and Brazil.
Double-digit profit growth for Pick n Pay as turnaround plan pays off
22/10/2019 - 09:12
Pick n Pay has continued to reap the benefits of its turnaround strategy, positing double-digit profit growth in the six months to end-September after an intensive focus on supply costs.