Danish enzymes maker Novozymes' first-quarter sales and operating profit were roughly in line with analysts' expectations, but it trimmed its full-year forecast due to lower currency exchange rates.
First-quarter revenue was DKK3.61 billion ($551 million) against a forecast for DKK3.62 billion. Operating profit was DKK950 million compared with DKK964 million expected by analysts.
The company maintained its outlook for full-year organic sales growth and net profit growth, but lowered its outlook for sales and EBIT growth in Danish crowns to 1 to 3 percent from an earlier guidance of 3 to 5 percent.
“I’m very satisfied with our sales growth in the first quarter of 2016, given the tough comparables from the first quarter of last year,” said Peder Holk Nielsen, president and CEO of Novozymes. “We expect that organic sales growth in the second quarter will be stronger than in the first quarter. Our profitability is also in line with our expectations, so we’re on track to deliver on the targets that we set in January.”
