What happened to Elders (ELD) shares today?
ELD -22.94%: the ag group posted solid FY22 numbers today for their September year-end, but shares struggled with the CEO departing and soft outlook commentary. EBIT was up 39% to $232m, near the top of their guidance range and in line with estimates. NPAT was only marginally higher and below estimates with the company saying a change in tax realisation weighed on growth here. CEO Mark Allison announced plans to retire in 12 months with a global search for his replacement already getting underway. We spoke to Mark & the company’s CFO this afternoon and while management was upbeat about further growth in the business, significant rainfall has impacted the start of FY23. They also flagged lower volumes and falling prices in their livestock business, while growth through acquisitions may slow despite a strong pipeline of opportunities.
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