GrainCorp Shares Plunge Most in a Year After Earnings Slump

Shares in Australian commodities exporter GrainCorp Ltd. fell the most in more than a year after the company significantly missed estimates for full-year earnings and pointed to a “challenging” market amid a global supply glut and weak demand.

GrainCorp on Thursday reported a net income of A$39.9 million ($26 million) for the 12 months through September, down 35% on the previous year and well below market estimates of A$61.9 million. The company’s underlying EBITDA was up 15% year-on-year to A$307.9 million but slightly below analyst expectations.