Forestry group Stora Enso’s quarterly earnings miss estimates
2022.07.22 08:53
FILE PHOTO: The Stora Enso company logo is seen near a packaging mill in Riga, Latvia September 18, 2012. REUTERS/Ints Kalnins
HELSINKI (Reuters) -Finnish-Swedish forestry company Stora Enso (OTC:SEOAY) posted weaker-than-expected quarterly earnings on Friday as logistics bottlenecks dented profitability.
“Demand has been robust for our main segments but logistical challenges with low long haul vessel reliability and poor container availability has had an impact on our ability to fully serve our customers,” Chief Executive Annika Bresky said in a statement.
Second-quarter sales rose 18% to 3.05 billion euros, while analysts had estimated revenue to be 2.98 billion euros.
The pulp, paper and cardboard maker said its April-June comparable operating profit rose 39% to 505 million euros ($514.39 million), missing the 565 million euro mean estimate of 7 analysts polled by Refinitiv.
Stora in June raised its full-year earnings guidance and said it now expects 2022 operating profit to exceed last year’s 1.53 billion euros.
($1 = 0.9817 euros)
