Reuters: Hot Stocks: UPDATE 1-Nutreco upbeat on 2013 due to M&A and fish feed rebound

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UPDATE 1-Nutreco upbeat on 2013 due to M&A and fish feed rebound Jul 25th 2013, 08:55 Thu Jul 25, 2013 4:55am EDT (Adds CEO quotes, shares) AMSTERDAM, July 25 (Reuters) - Nutreco, the Dutch animal feed producer and poultry processor, expects its 2013 profit to at least match last year's, thanks to higher margins on some feed mixes, improved demand for fish feed, and recent acquisitions. Nutreco shares were up 4.75 percent to 36.155 euros at 0825 GMT, after hitting their highest level since early May. The company beat forecasts for its first-half earnings on Thursday and said it expected full-year EBITA (earnings before interest, taxes and amortisation) before exceptional items to be at least in line with 2012's 262.1 million euros ($347 million). Knut Nesse, chief executive, said the recent acquisition of shrimp and tilapia feed company Gisis in Ecuador would help its expansion in Latin American markets. Nutreco also took full control of its tilapia feed business in Egypt, and both deals will lift full-year performance, especially in emerging markets, Nesse said. Nutreco reiterated it is looking at a possible sale of its compound feed business, based predominantly in Spain and Portugal, so it can focus on the core areas of fish feed, meat, and higher-margin premix feeds. Nutreco reported first-half EBITA before exceptional items of 94.1 million euros, above the 90 million euros the company had predicted in April, and down 9.2 percent from a year ago, mainly because of weaker results at its fish feed division. Revenue rose 1.9 percent to 2.399 billion euros. Analysts in a poll commissioned by Reuters had expected underlying EBITA of 90.6 million euros on revenue of 2.374 billion euros. ($1 = 0.7555 euros) (Reporting by Sara Webb; Editing by Gilbert Kreijger and Mark Potter) Link this Share this Digg this Email Reprints

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