(Reuters) - Swiss food company Aryzta further cut its full-year guidance for earnings before interest, tax, depreciation and amortisation (EBITDA) after saying EBITDA margins in the third quarter fell below management expectations.
It now estimates full-year EBITDA to be 9-12 percent lower than prior EBITDA guidance.
The Swiss-Irish company said in January it expects full-year EBITDA to fall 15 percent on a like-for-like basis.
The company reported a 16.8 percent drop in third-quarter revenue to 811.4 million euros ($949.66 million), mainly due to disposals and currency.
Arytza also announced a three-year restructuring plan, to be implemented immediately, which is expected to deliver cumulative 200 million euros in cost savings over three years.
($1 = 0.8544 euros)
Reporting by Daria Kowalewska in Gdynia; Editing by Sunil Nair