Novozymes, the Denmark-based world’s largest industrial enzymes maker, scaled back its full-year forecast after reporting third-quarter results in line with expectations.
Novozymes said its earnings before interest and tax were DKK1 billion ($151.9 million), compared with an average forecast of DKK971 million in a Reuters poll of analysts. It had revenue of DKK3.5 billion, as expected.
The company said it expected earnings before interest and tax in 2015 to grow at 15 percent, compared with a 15-17 percent range previously forecast. That would be on top of organic sales growth of 4-5 percent compared with a previous range of 4-7 percent.
Chief Financial Officer Benny Loft said the biofuels market had changed significantly in the past year due to a dramatic fall in oil prices, which brought down biofuel prices and put its producers’ margins under pressure. In response, Novozymes is launching new enzymes for the sector.
According to a report, analysts say Novozymes is losing market share in the segment. The company's biggest competitor in the ethanol segment is DuPont, which took over Denmark's Danisco and its cellulosic ethanol enzymes business in 2011.
This month, Novozymes announced that it had acquired Pacific Vet Group-USA Inc. (PVG) for an undisclosed amount. Based in Arkansas, PVG develops and produces probiotics for animals. The company has significant know-how in probiotic applications for poultry, strong development expertise, a pipeline for the poultry hatchery segment, and a smaller commercial product portfolio.