Total Produce shares slide nearly 9% on trading update

Total Produce shares fell as much as 8.65 per cent in early trade after the company issued a trading update noting that adverse weather led to lower pricing.

“Fresh produce markets have experienced periods of shortage and periods of oversupply in 2018 caused by extended unusual weather conditions which impacted supply and demand and led to lower pricing,” the company said.

However, it confirmed that its earnings target in the mid-single digit range remains unchanged.

Momentum

"This revision interrupts a multi-year cycle of positive earnings momentum," said Davy analysts Roland French and Cathal Kenny, who forecast adjusted earnings per share of 14.1 cent for the year.

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The fruit and vegetable company said it was targeting 2018 full-year adjusted earnings per share on a like-for-like basis in line with 2017.

For 2019, the company is targeting earnings per share in the "mid-to-upper single-digit range over the 2018 adjusted earnings per share" excluding the contribution of its stake in Dole Foods.