UPDATE 1-Ethanol maker VeraSun sees third-quarter loss
September 17th, 2008 | by admin |(Adds analysts forecast)
NEW YORK, Sept 16 (Reuters) - Ethanol maker VeraSun Energy(VSE.N: Quote, Profile, Research, Stock Buzz) expects to post a larger than expected third-quarternet loss, hurt by higher costs for corn, the company said in aregulatory filing on Tuesday.
The company said in a filing to the U.S. Securities andExchange commission that it expected the net loss for thequarter of between $63 million and $103 million, far higherthan the $2.4 million loss analysts had forecast, according toReuters Estimates.
The loss would be between 40 cents and 65 cents per shareversus the analysts’ consensus forecast of a loss of 1 cent pershare.
VeraSun said contracts into which it had entered requiredit to buy corn at above-market prices, and that it expected itscorn cost to average between $6.75 an $7 per bushel for thethird quarter. (Reporting by Matt Daily, editing by Richard Chang, BernardOrr)
