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Company update: Nutreco Q3 2011

Netherlands based animal nutrition and fish feed company Nutreco released its Q3 figures showing consistent growth in line with expectations.

In summary:
• Revenue Q3 2011 EUR 1,535 million; an increase of 14.6% from Q3 2010
• Revenue increase driven by volume growth of 3.5% and a price effect of 11.7%
• Higher operational results in Fish feed in Q3 due to 12.3% volume growth
• Operational results of the Animal Nutrition segments in line with Q3 2010
• Operational results of Meat and other higher than in Q3 2010
• Nutreco confirms outlook for the full year 2011 expecting full year EBITA before exceptional items of around  EUR 230 million (2010: EUR 222.5 million)

"Our portfolio showed strong results in Q3 2011, in line with our outlook”, said Wout Dekker, CEO Nutreco. “Operating margins in Fish feed were solid. Results in Premix and feed specialties were in line with the same period last year. Strengthened by the successful integration of the acquired Cargill activities, the Spanish compound feed business showed resilience in difficult market circumstances. The Canadian business has performed well and results came in slightly above Q3 2010. The meat operations had strong results that were above the third quarter in 2010.

“Based on the business developments in the third quarter we confirm our outlook of full year EBITA before exceptional items of around EUR 230 million. This performance demonstrates the robustness of our portfolio. With our strong balance sheet we are well positioned to continue growing our business."

Revenue for Meat and other operations increased by 10.1%, mainly due to a price effect of 10.4%. The operational results in Meat and other were higher than in the same period in 2010, supported by higher market prices for poultry in Spain.

Source: Nutreco

Editor WorldPoultry

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