Novozymes reports 27% increase in bioenergy sales for Q1
Summary
Novozymes released first quarter 2022 financial results on April 27, reporting sales for its bioenergy segment were up 27 percent when compared to the same period of last year. The company explained that first quarter 2021 bioenergy sales were subdued by both the impacts of the COVID-19 pandemic and short-term disruptions and supply challenges caused the “Texas freeze” in February 2021. Novozymes, in part, cited favorable market conditions and supportive crush margins as contributing to that growth. The company also said capacity expansion of corn ethanol production in Latin America, along with innovations in yeast and fiber also contributed to increased bioenergy sales. Novozymes currently expects sales growth for its bioenergy segment to be in the high single digits for the full year 2022.