Corbion shares jump on Q3 profit beat, outlook hike
** Shares in Corbion CORB.AS jump over 5% after the Dutch food ingredients group posted Q3 core profit above consensus and hiked its outlook
** The co posted Q3 adjusted EBITDA of 49.6 million euros ($53.62 million), 5% above consensus, says KBC Securities
** The firm now sees FY adjusted EBITDA organic growth between 22%–25% in comparison to over 18% previously, and 2024 free cash flow (FCF) over 60 million euros, up from over 50 million before
** KBC Securities notes FY core profit hike seems conservative with consensus forecasts of a 28% growth
** "The strategic choices made recently (sticking to PLA, a disciplined investment approach on Algae, a much increased FCF focus) make sense," says KBC adding it appreciates Corbion for its leading position in lactic acid
** Degroof Petercam says that "expectations on the quarter were high, but the company more than delivered"
* If gains hold, the stock will have its best day since August
($1 = 0.9250 euros)
Reporting by Michal Aleksandrowicz
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