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Former high flier A2 Milk takes a tumble on earnings downgrade
10 May, 2021 05:34 AM
5 minutes to read
A2 Milk has taken a big knife to its EBITDA margin forecasts for 2021.
Shares in former sharemarket darling a2 Milk took a battering after the alternative dairy company slashed its revenue and earnings forecasts for the 2021 financial year.
It was its fourth consecutive downgrade. A2 s shares closed at $6.62, having bounced off their session low of $6.05 but still well down from Friday s close of $7.59.
The dual listed company is now targeting revenue for 2021 of $1.20 billion to $1.25b, down from an earlier forecast of $1.4b.
A2 Milk s David Bortolussi defends timing of 4th downgrade
10 May, 2021 05:44 AM
5 minutes to read
A2 Milk managing director and chief executive David Bortolussi. Photo / Supplied
A2 Milk s new chief executive David Bortolussi has defended the timing of the company s fourth consecutive earnings downgrade. The company s sole infant formula supplier, the closely-aligned Synlait Milk, in March reported a 76 per cent slump in first-half earnings to $6.4 million, driven by Covid-19 disruption.
And with Melbourne - a key city for the unofficial daigou trade to China - locked down for several weeks due to Covid-19 - analysts had grown doubtful about A2 Milk s earnings prospects.