Huhtamaki drops as Q2 sales miss elevated expectations

Huhtamaki Oyj

25/07/2024 09:36

** Shares in Huhtamaki  HUH1V.HE  fall more than 4% despite
the food packaging company reporting its Q2 print broadly in
line with estimates
    ** "The stock has risen somewhat in the last month or so, so
investors' expectations were probably higher than analysts'
consensus," Inderes analyst Antti Viljakainen says
    ** The Finnish group's Q2 net sales went slightly down 1% to
EUR 1,038 million, below Vara Research consensus of EUR 1,058
million    
    ** Jefferies notes that Huhtamaki's Foodservice sales were
impacted by weaker consumer purchasing power and boycotts of
global brands in certain markets 
    ** Inderes adds the packaging materials company reiterated
its "loose" outlook for the year with no major surprises in
market comments
    ** The stock, on track for its worst day since Feb. 2023, 
is among biggest fallers on the pan-European STOXX 600  .STOXX 
index
    
    

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))