Finnish media group Sanoma (OMX: SAA1V) released interim accounts this morning. It was widely expected that the quarter would be difficult. Net sales grew behind acquisitions to 646.5 million Euros, while organic growth was negative. Operating profit before non-recurring items climbed over 100 million and earnings per share jumped to 0.83 Euros (0.40 before non-recurring items).
Sanomat revises full-year outlook to estimate net sales to be level or grow slightly from last year (grow slightly) and EPS excluding non-recurring items to be somewhat below 2011 (grow). Operating profit margin guidance is maintained at 10%. President and CEO Harri-Pekka Kaukonen said that advertising markets are weakening together with declining consumer confidence levels in main markets. The company is therefore encouraged to have been able to report rather solid results.
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