Business
Why the GrainCorp (ASX:GNC) share price has climbed today
The Graincorp Ltd (ASX: GNC) share price zoomed up today after the company provided earnings guidance for its 2021 financial year in an update to the market.
Shares in the Australian grain company opened 5.8% higher at $4.93 this morning. Since then, the Graincorp share price has trended downwards, trading at $4.75 at the time of writing.
Details from the guidance
In today’s guidance, Graincorp advised it expects to report FY21 underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of $230 million to $270 million. This would suggest an increase of 113% from FY20’s EBITDA of $108 million on the low range estimate.
The company also expects net profit after tax (NPAT) for FY21 will come in at $60 million…
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