Shares in Select Harvests have slumped more than 10 per cent and hit a 13-month low after the almond grower slashed its estimates for full year production.
Select on Friday said it now expects 2016/17 almond production to come in between 13,500 to 14,000 tonnes, based on yields after processing a majority of its crop,
The revised guidance is nearly 14 per cent lower from the 15,750-16,250 tonnes full-year production estimate it had outlined in February.
Select also ruled out any likelihood of higher prices, saying it had locked in sales commitments for 60 per cent of its crop between the previously announced price range of $7.50 -$8.00 per kilogram.
"Our investigations are ongoing, however initial indications are that the 2017 crop has been more impacted by seasonal conditions than previously forecast," the company said in a statement.
On April 27 the company said in an agribusiness conference presentation posted on the ASX that it expected the crop to be five to 10 per cent below expectations - an action that sparked a query letter from the ASX on May 11 about when the information became available.
Select responded that the information became known on April 26 and acknowledged that its announcement headline should have mentioned the crop update information.
The company said its absence was an oversight.
Select Harvests is one of Australia's largest nut growers, and has set a target of producing more than 20,000 tonnes by 2021.
The nut grower also operates a food division marketing its Lucky, Sunsol and Soland brands.
Shares in the company fell 49 cents to close closed 10.1 per cent lower at $4.34, their lowest level since April, 2016.
