ING -9.43%: a difficult session for the poultry goods business that faced a difficult FY22. Profit fell nearly 60% to $35m, well below consensus at $43m despite volumes increasing more than 4%. Supply chain costs, COVID-absenteeism, weather and input cost inflation all weighed on the numbers. While these pressures have started to ease in the final quarter, the company said consensus expectations were too high for FY23 and they would expect downgrades of up to 10%.
MM is neutral / negative ING ~$2.70
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