April 26, 2017 / 9:42 AM / 3 months ago

REFILE-UPDATE 1-Novozymes shares rise to 9-month high after Q1 earnings

2 Min Read

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April 26 (Reuters) - Danish enzymes maker Novozymes posted slightly better-than-expected revenues for the first quarter on Wednesday and said it would launch a new product in the autumn, sending its shares up more than 5 percent to a nine-month high.

* Novozymes will launch new laundry detergent enzymes in the autumn, aimed at improving low temperature washing "using newly developed technologies that prevent bacteria from returning after a wash," chief executive Peder Holk Nielsen told Reuters.

* Nielsen said the firm is looking into possible smaller acquisitions in probiotics and BioAg (microbial-based agricultural solutions)

* "I definitely believe we will have more collaborations, like the one with Boehringer Ingelheim. A lot of the new projects will be made in collaborations".

* Sales were stronger than expected in both Food & Beverage and Bioenergy driven by increased demand for innovative products and positive momentum in ethanol production, said Jyske Bank, which has a sell rating on the stock.

* First-quarter sales reached 3.74 billion Danish crowns ($548.19 million) just above the expectations by analysts polled by Reuters.

* Q1 EBIT reached 1.01 billion crowns in line with analysts' expectations.

* It repeated its outlook for 2017 of an organic sales growth of 2-5 percent and an EBIT margin of above 26 percent. Source text for Eikon: Further company coverage: (Julie Astrid Thomsen and Gdynia Newsroom)

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