Novozymes' Soft 4Q Caps Modest Year; 2019 Outlook Provides Little Comfort
Wide-moat Novozymes reported 2% organic growth in the fourth quarter, below our expectations and consensus of around 4%. For the full year, organic growth was 4%, just meeting the bottom end of the 4%-6% guidance range. Unexpected weakness primarily resided in agriculture and feed, which reported negative organic growth, and household care, where challenges in the Middle East have carved around 1% out of total organic growth. Guidance for 2019 is for organic growth of 3%-6%, a slight downgrade f...Novozymes is a biotechnology company based in Denmark. Co.'s business operations are centered on the development of industrial enzymes, microorganisms, and biopharmaceutical ingredients. Co. provides business-to-business biological solutions used in the production of numerous products such as biofuel, detergents, feed, and crops. Co.'s business operations are organized along two segments: the Enzyme Business which is divided into four areas, providing industrial enzymes for household care, food & beverages, bioenergy, and feed & other technical; and the BioBusiness which is home to Co.'s microorganisms and biopharmaceutical ingredients.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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