Canadian natural and organics group SunOpta warned today (20 February) that its 2008 earnings would miss an earlier forecast, due in part to falling commodity prices in the fourth quarter.
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SunOpta said its 2008 result is expected to be “considerably below” its previous adjusted net earnings guidance.
“The shortfall is primarily the result of the impact on operations later in the fourth quarter of unfavourable foreign exchange movements, significant declines in the fourth quarter in certain commodity prices and the resulting mark to market impact on inventory values in a number of company business segments, especially Opta Minerals, and the impact of the previously announced arbitration decision on the results of the SunOpta BioProcess Group,” SunOpta said.
In November, SunOpta forecast earnings of US$0.19 to $0.23 per diluted common share for 2008.
Nevertheless, SunOpta said it expects 2008 revenues to jump 32% to $1.05bn.
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By GlobalDataLooking to 2009, SunOpta declined to issue specific forecasts for sales and profits due to “uncertain and rapidly changing world-wide macroeconomic conditions”.
However, the company said it expects net earnings to “improve” on 2008.
SunOpta plans to issue its financial results for the fourth quarter of 2008 and for the full year on 5 March.
