PI Industries shares fall 3% after Kumiai guidance cut
after close1 source ↓written by the desknot a recommendation
- now anticipates
- 5% drop in revenue
- due to pricing
- 32% decline in operating profit
- pyroxasulfone accounts
- 40% of PI's total sales
PI Industries shares declined over 3% following a revenue and profit guidance cut from its largest client, Kumiai Chemicals. Kumiai now anticipates a 5% drop in revenue and a 32% decline in operating profit due to pricing pressures and weaker herbicide demand. This outlook is significant as pyroxasulfone accounts for 40% of PI's total sales.
Not investment advice. For informational purposes only.