Finnish pulp and paper manufacturer Stora Enso has recorded €3.05bn in sales for the second quarter (Q2) of the fiscal year 2022 (FY22), up by 18% from €2.59bn in the same period of FY21.
During the quarter, the company’s operational earnings before interest and taxes (EBIT) increased by 39% to €505m against €364m in Q2 2021, while its operational EBIT margin rose to 16.5% from 14% a year earlier.
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Stora Enso’s operating profit for the quarter was €399m while its earnings per share (EPS) were €0.38 compared with €0.26 in Q2 2021.
The firm’s sales for the first half (H1) of FY22 grew by 20.2% to €5.85bn, against €4.86bn in the prior-year period.
It recorded operational EBIT of €1.0bn in H1 2022, while its operating profit was €793m, up by 131.2% from H1 2021.
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Stora Enso president and CEO Annica Bresky said: “I am happy to report that our very strong start of the year continued in the second quarter, despite persisting macroeconomic and geopolitical turmoil.
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By GlobalData“During the quarter, the demand has been robust for our main segments but logistical challenges with low long-haul vessel reliability and poor container availability have had an impact on our ability to fully serve our customers.
“We have high self-sufficiency in energy and wood supply which has supported and allowed us to secure our key raw materials and energy needs.
“Our pricing power allows us to mitigate inflationary pressures and our key priorities remain; to support our customers through inventory management and handling continued supply chain and logistical disruptions.”
Stora Enso has kept its guidance unchanged from the updated guidance that it published last month.
The company expects its operational EBIT for the full year to be higher than last year’s operational EBIT of €1.52bn.
In May, Stora Enso offloaded its corrugated packaging plants in Russia amid the country’s ongoing invasion of Ukraine.
