Inghams' 20% Drop
Inghams' 20% Drop
Inghams (ASX:ING), a major Australian chicken producer, experienced a significant share price drop on Friday despite reporting a substantial increase in full-year profits. While the reported results were slightly below market expectations, the market's reaction seemed excessive.
尽管上市公司Inghams（ASX：ING）在周五报告了全年利润的大幅增长，但其股价却出现了显著下跌。虽然报告的结果略低于市场预期，但市场的反应似乎过度了。
The company reported a net profit after tax of $101.5 million, up 68% year-on-year. However, this was below market estimates of around $108.5 million. EBITDA increased by 12.6% to $471.1 million, driven by a 2.8% increase in poultry sales volumes and a 5.4% rise in net selling prices.
该公司的税后净利润为10150万美元，同比增长68%。然而，这低于市场预估的10850万左右。由于家禽销量增长了2.8%，净售价上涨了5.4%，因此EBITDA增长了12.6%，达到47110万美元。
While the dividend of 20 cents per share was up from 14.5 cents last year, a reduction in the final dividend to 8 cents from 10 cents caused concern among investors and analysts.
尽管每股股息从去年的14.5美分增加到20美分，但将最终股息从10美分降低到8美分引起了投资者和分析师的担忧。
Inghams' outlook for poultry volumes was less optimistic, with growth expected to slow to a range of 1% to 3% in the coming year. This, combined with the company's attempts to explain the weaker outlook, raised questions. Given the current economic climate and consumers' focus on value, a decline in chicken sales was unexpected.
Inghams对家禽销量的展望较为悲观，预计在未来一年将放缓至1%至3%的区间。加上公司对较弱展望的解释，引发了一些问题。考虑到当前经济环境和消费者对价值的关注，家禽销售下滑是出乎意料的。
The estimated underlying EBITDA for FY25 of $236 million to $250 million represents a flat to 6% growth, significantly lower than the 12% growth achieved in the previous year. The company attributed this to a new supply agreement with Woolworths, which involves a phased reduction in annual volumes.
预估的FY25基于EBITDA为23600万至25000万美元，代表着平稳增长至6%，大幅低于前一年的12%增长。公司将此归因于与Woolworths达成的新供应协议，该协议涉及年销量逐步减少。
Inghams acknowledged that securing new business from other customers would be necessary to offset the impact of the Woolworths agreement. However, the company's guidance suggests that the overall impact of these changes will be significant.
Inghams承认，为了抵消Woolworths协议的影响，需要从其他客户那里获得新业务。然而，公司的指导意见表明这些变化的整体影响将是显著的。
To mitigate the effects of inflation, Inghams is implementing cost-saving measures such as smarter procurement and operational improvements.
为了缓解通胀的影响，Inghams正在实施节约成本的措施，如更智能的采购和运营改进。
While the company's CEO, Andrew Reeves, highlighted the positive factors supporting the poultry sector, the new supply agreement with Woolworths raises concerns about potential price gouging. It remains to be seen whether Woolworths will prioritise maintaining low chicken prices for consumers or maximizing its profit margins.
尽管公司CEO Andrew Reeves强调了支持家禽行业的积极因素，但与Woolworths达成的新供应协议引发了人们对潜在的价格哄抬的担忧。Woolworths将会优先考虑为消费者维持低廉的鸡肉价格还是追求利润最大化，这还有待观察。