Stora Enso Oyj (SEOAY.PK), a Finnish paper mill company, reported Thursday that its first-quarter net result plunged 54.5 percent to 84 million euros from last year's 185 million euros.
Earnings per share were 0.11 euro, down 55.2 percent from last year's 0.24 euro. Adjusted earnings per share were 0.09 euro, compared to last year's 0.23 euro.
Adjusted EBIT decreased 33.1 percent from last year to 156 million euros. Adjusted EBIT margin was 7.2 percent, down from prior year's 8.6 percent.
Sales decreased 20 percent to 2.16 billion euros from last year's 2.72 billion euros.
Looking ahead, the company said profits are expected to be adversely impacted in the second quarter, mainly due to the sequentially higher maintenance costs in the quarter, higher wood costs, and the recent political strikes in Finland.
However, the firm is on track and committed to meet full year 2024 adjusted EBIT guidance to be higher than the full year 2023 adjusted EBIT of 342 million euro.
Stora Enso anticipates a gradual recovery in market conditions in 2024, with increased demand for consumer board, higher pulp demand and prices.
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