UPM exceeded market expectations in the second quarter.
Forest giant UPM’s net sales for the second quarter were EUR 2,384 million. Net sales increased by 15 per cent year-on-year.
The company’s comparable operating profit was EUR 307 million. Operating profit increased by 51 percent from the previous year.
The company’s result was slightly better than market expectations. For example, the analyst consensus gathered by Inderes expected UPM’s net sales in the second quarter to be approximately EUR 2,260 million.
The company’s operating profit, on the other hand, was expected to be approximately EUR 285 million.
“UPM’s second quarter was very good and earnings continued to recover rapidly. Demand for our products was strong in an exceptional market environment, and as a rule, sales prices rose more than production costs. At the same time, as our growth projects progressed on schedule and on budget, our starting point for the future is excellent, ”said the company’s CEO Jussi Pesonen in the result bulletin.
The news is updated.