Shares of global biotechnology company Novozymes slumped Friday morning after reporting second-quarter earnings that missed analysts’ expectations.
Earnings before interest and tax (EBIT) for the quarter came in at 957 million Danish krone ($147 million) with its household care sector showing particular weakness. The company still beat estimates with its second-quarter net profit and revenue, but that wasn’t enough to stop shares falling in early deals.
“We’ve had a satisfactory first half of the year both on revenues wise and earnings wise. The factors that are pulling in our business are slightly different from what we expected,” Peder Holk Nielsen, the CEO of Novozymes told “Squawk Box Europe” on Friday.