Neste shares drop on guidance cut [Yahoo! Finance]
NESTE OYJ UNSP/ADR (NTOIY)
NASDAQ:AMEX Investor Relations:
neste.com/en/corporate-info/investors-0
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Source: Yahoo! Finance
At 6:37 am (1037 GMT), Neste Oyj was trading 5.6% lower at €16.77. Neste has adjusted its 2024 guidance for Renewable Products, now forecasting an average comparable sales margin of $360–480 per tonne, down from the previous range of $480–580 per tonne. This revision is due to a decrease in diesel prices during the third quarter, while waste and residue feedstock prices have remained stable, and market premiums for renewable products have stayed weak. The new guidance suggests a margin of about $370 per tonne for the second half of 2024, a drop from the first half's average of $472 per tonne. “The new guidance will likely cause ~30% downgrades to Consensus EBITDA estimates for Renewable Products (RP), currently at €1,093m ($502/T margin and 4.1mT volumes),” said analysts at Jefferies in a note. Neste has also lowered its sales volume expectations to around 3.9 million tonnes, including SAF volumes of 0.35–0.55 million tonnes, compared to the previous guidance of about 4.4 m
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