GrainCorp Limited (ASX:GNC) shares trading in green today, here’s why

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GrainCorp Limited (ASX:GNC) shares trading in green today, here’s why

 GrainCorp Limited (ASX:GNC) shares trading in green today, here’s why
Image source: © Artinspiring | Megapixl.com

Highlights

  • GrainCorp Limited today upgraded its earnings guidance for the 12 months ending 30 September 2022.
  • The ranges for FY22 underlying EBITDA and NPAT have been increased to AU$680 to AU$730 million and AU$365 to AU$400 million, respectively.
  • Shares of GrainCorp were trading 6.81% higher at AU$8.12 each on ASX at 12.06 PM AEST.

GrainCorp Limited (ASX: GNC) today (August 10) upgraded its earnings guidance for the 12 months ending 30 September 2022, the company said in an ASX filing.

The ranges for FY22 underlying EBITDA and NPAT have been increased to AU$680 to AU$730 million and AU$365 to AU$400 million, respectively. The timing of grain exports, new crop sales, and current weather conditions are just a few of the market factors that could affect GrainCorp's FY22 earnings guidance.

Shares of GrainCorp were trading 6.81% higher at AU$8.12 each on ASX at 12.06 PM AEST. This outperforms ASX 200 index, which was 0.055% lower at 7,025.90 points.

According to GrainCorp managing director and CEO Robert Spurway, the better prognosis is a result of excellent performance across all of GrainCorp's business divisions and projections for the east coast Australian (ECA) crop in 2022–2023.

Spurway added:

GrainCorp further informed that, The Processing and Feeds, Fats and Oils (FFO) divisions of GrainCorp have also kept up their outstanding performance, taking advantage of the persistently high demand for raw and refined vegetable oils as well as renewable fuel feedstocks including used cooking oil (UCO) and tallow.

According to Spurway, "To maximise receipt capacity at critical sites across our network in time for the 2019 harvest, GrainCorp is investing in more bunker storage and grain handling equipment.

In addition, the company's recruitment effort to find temporary workers for harvest across the ECA is well underway.

Know more about GrainCorp

In Australia's East Coast, GrainCorp is a market-leading integrated grain and edible oil company. It is the top edible oil processor and oilseed crusher in Australia and New Zealand as well as the largest grain storage and handling company in the ECA. GrainCorp has built a world-wide supply chain with top-notch infrastructure assets over the course of its more than 100-year history. These assets are used to store, process, and simplify the transportation of grains and edible oils.

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