Sweden's Granges sees stronger demand in Q3, profit to beat forecasts
08/10/2020 10:20
STOCKHOLM, Oct 8 (Reuters) - Sweden's Granges GRANG.ST
said on Thursday it expected third-quarter operating profit and
sales volumes to exceed market expectations, sending its shares
sharply higher.
The aluminium producer said it expected adjusted operating
profit to grow to around 200 million crowns ($22.5 million) from
190 million a year ago while sales volumes were seen increasing
to 86,700 tonnes from 85,800 tonnes.
"The operating profit in the third quarter has been
positively impacted by a stronger market demand and increased
effects from cost reduction initiatives," the firm, a supplier
of advanced aluminium products and solutions for heat exchanger
applications, said in a statement.
Shares in Granges, for which the automotive industry
accounts for about half of sales, rose 7.7% at 0912 GMT.
The firm, present in Europe, Asia and the Americas with
production facilities in Sweden, China and the United States, is
due to report on its third quarter on Oct. 22.
($1 = 8.8788 Swedish crowns)
(Reporting by Helena Soderpalm; editing by Niklas Pollard)
((helena.soderpalm@thomsonreuters.com; +46 8 700 10 15; Reuters
Messaging: helena.soderpalm.reuters.com@reuters.net))