Consumer and specialty packaging manufacturer Huhtamäki Oyj’s (OMX: HUH1V) second quarter sales growth was driven by emerging markets. When adjusted for currency effects, sales growth were up by 5%. Second quarter net sales were 528 million Euros and EPS stood at 30 cents a share. Earnings were a bit lower than in 2010 Q2 as high raw material costs continued to weigh in. Huhtamäki also said it experienced some ’operational issues’.
In contrast to many other reports as of late, Huhtamäki said its sales growth accelerated towards the end of the reporting period. Huhtamäki also said it does not expect raw material prices to increase further. Huhtamäki expects to capitalize on profitable growth opportunities and is guiding 2011 CAPEX at 100 million. The stock gained around 10% for the week to close at 9.35 Euro.
No comments:
Post a Comment