UPM-Kymmene’s Q4 16 results came in ahead of our estimates. Overall, the full-year (FY16) results were impressive, with profit improvements being the key highlight. Top-line remained lacklustre Sales: Q4 – €2.5bn (-3.8% yoy; +1.3% qoq); FY16 – €9.8bn (-3.2%; broadly in line with AV estimates) Weak Q4 volumes (-4.7% yoy; flat qoq) and price pressure (flat yoy in the euro area, though down 3% overall; -1% qoq) continued to weigh on Paper ENA’s sales (-6.3% yoy;
03 Feb 2017
Q4 moderation was expected; will the profit momentum be sustained in 2017?
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Q4 moderation was expected; will the profit momentum be sustained in 2017?
UPM-Kymmene’s Q4 16 results came in ahead of our estimates. Overall, the full-year (FY16) results were impressive, with profit improvements being the key highlight. Top-line remained lacklustre Sales: Q4 – €2.5bn (-3.8% yoy; +1.3% qoq); FY16 – €9.8bn (-3.2%; broadly in line with AV estimates) Weak Q4 volumes (-4.7% yoy; flat qoq) and price pressure (flat yoy in the euro area, though down 3% overall; -1% qoq) continued to weigh on Paper ENA’s sales (-6.3% yoy;