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Finland's Stora Enso raises full-year profit outlook

Stock Markets Jun 13, 2022 07:37
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© Reuters. FILE PHOTO: The Stora Enso company logo is seen near a packaging mill in Riga, Latvia September 18, 2012. REUTERS/Ints Kalnins

OSLO (Reuters) - Finnish forestry firm Store Enso said on Monday it had raised its full-year earnings guidance thanks to sustained strong market conditions.

The company now expects its operating profit for 2022 to exceed last year's level of 1.53 billion euros ($1.60 billion), it said in a statement.

The maker of pulp, packaging, wood construction materials and other forestry products previously guided for a profit approximately in line with the full year 2021.

"During 2022, all the main markets of Stora Enso have experienced continued strong performance, with increased visibility and predictability for the full year," the company said.

"The strong underlying demand and commercial momentum has continued across all six divisions and geographies."

All divisions remain fully booked and there is still a tight supply and demand balance in many product categories. The second quarter started with high selling prices, which have continued to mitigate inflationary pressures, Stora Enso added.

($1 = 0.9543 euros)

Finland's Stora Enso raises full-year profit outlook
 

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