Novozymes' enzyme business up
October 14, 2010
BY Holly Jessen
Posted Oct. 28, 2010
In the first nine months of 2010 Novozymes A/S experienced 17 percent sales growth and 35 percent earnings growth before interest and taxes, the company announced Oct. 28. Total sales were at $1.37 billion, with the primary growth drivers being better-than-expected demand for enzymes in the biofuel, detergent and food industries.
"The potential slowdown in the global economy that concerned us after the half year hasn't materialized," said Novozymes CEO Steen Riisgaard. "We're somewhat cautious regarding the full-year outlook, but with another strong quarter on the books and despite a less favorable full-year currency outlook, we're able to increase full-year expectations."
Growth in biofuel enzymes, which represents about 18 percent of Novozyme's business, outpaced detergent and food enzymes through the third quarter. Sales of enzymes to the biofuels industry were up by 25 percent with an organic growth of 20 percent. "Favorable blending economics as well as exports have kept U.S. ethanol demand and production high during most of the first nine months of 2010," the company said.
Detergent enzyme sales increased by 19 percent compared to the first nine months of 2009. Food enzymes increased by the same amount.
CORRECTION: Changes total sales to $1.37 billion in first paragraph.
In the first nine months of 2010 Novozymes A/S experienced 17 percent sales growth and 35 percent earnings growth before interest and taxes, the company announced Oct. 28. Total sales were at $1.37 billion, with the primary growth drivers being better-than-expected demand for enzymes in the biofuel, detergent and food industries.
"The potential slowdown in the global economy that concerned us after the half year hasn't materialized," said Novozymes CEO Steen Riisgaard. "We're somewhat cautious regarding the full-year outlook, but with another strong quarter on the books and despite a less favorable full-year currency outlook, we're able to increase full-year expectations."
Growth in biofuel enzymes, which represents about 18 percent of Novozyme's business, outpaced detergent and food enzymes through the third quarter. Sales of enzymes to the biofuels industry were up by 25 percent with an organic growth of 20 percent. "Favorable blending economics as well as exports have kept U.S. ethanol demand and production high during most of the first nine months of 2010," the company said.
Detergent enzyme sales increased by 19 percent compared to the first nine months of 2009. Food enzymes increased by the same amount.
CORRECTION: Changes total sales to $1.37 billion in first paragraph.
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