Sweden's BE Group swings to Q2 profit on higher steel prices
Sweden's BE Group swings to Q2 profit on higher steel prices
Overview
Sweden steel distributor's Q2 net sales rose 1% yr/yr
Q2 operating result and net income improved from losses a year earlier
Company cites higher steel prices and stronger gross margins for earnings improvement
Outlook
BE Group expects Swedish and Finnish steel markets to recover at a modest pace in Q3
Company anticipates increased demand from manufacturing and stabilization in the construction sector
Steel prices seen stable for thin sheets and long products, rising for heavy plate and stainless steel
Result Drivers
HIGHER STEEL PRICES - Co said improved earnings were driven by higher steel prices
STRONGER GROSS MARGINS - Co attributed earnings gains to stronger gross margins in both Swedish and Finnish business areas
OPERATIONAL EFFICIENCY - Co said increased operational efficiency contributed to improved results, especially in Finland
Company press release: ID:nMFN1x0bbm
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Sales |
| SEK 1.06 bln |
|
Q2 EPS |
| SEK 0.71 |
|
Q2 Net Income |
| SEK 14 mln |
|
Q2 EBIT |
| SEK 20 mln |
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)