Goodman Fielder Is Getting Smoked After Its Profit Warning

Food company Goodman Fielder was down 20% after it said earnings could come in up to $27 million lower than its previous full-year profit guidance of around $180 million.

The stock recovered slightly but was still down around 17% at 11am to 50 cents.

Here’s a one-month daily price chart:

Source: ASX

The company blamed deteriorating business conditions. Goodman Fielder has written off more than $250 million in restructuring costs, losses from sale of under-performing businesses and asset impairment in the last three years.

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