(Bloomberg) — Shares in Australian commodities exporter GrainCorp Ltd. fell the most in more than a year after the company significantly missed estimates for full-year earnings and pointed to a “challenging” market amid a global supply glut and weak demand.
GrainCorp on Thursday reported a net income of A$39.9 million ($26 million) for the 12 months through September, down 35% on the previous year and well below market estimates of A$61.9 million. The company’s underlying EBITDA was up 15% year-on-year to A$307.9 million but slightly below analyst expectations.
The shares fell as much as 11% following the results announcement, the sharpest drop since February 2024. They were trading hands at A$8.33 at 10:17 a.m. in Sydney, down 6.8%.
In a presentation to investors, GrainCorp said there had been strong global production of major grains and oilseeds over the past 12 months directly competing with Australia, combined with weak pricing and “subdued customer purchasing behavior.”