Huhtamaki falls as mixed Q3 print leaves 'bitter taste'
BUZZ-Huhtamaki falls as mixed Q3 print leaves 'bitter taste' ** Shares in Huhtamaki HUH1V.HE fall around 6% after the Finnish packaging company posted a mixed Q3 print with an analyst pointing to weak underlying segment performance
** "The numbers clearly exceeded all forecasts, but it was due to the termination of a contract in the Foodservice segment, and North America in particular stalled sharply during the quarter," Inderes says
** "At first glance, however, the taste left by the overall picture of Huhtamaki's report is somewhat bitter," Inderes adds
** Huhtamaki's Q3 adjusted EBIT comes at €110.5 million ($123.2 million), topping both the consensus and Inderes' forecast
** Jefferies says the beat was driven by a €23 million contract recognised for smooth molded fiber, adding it sees this as more of a one-off rather than a recurring step-up in Foodservice earnings
** "We think the market will focus on the weak N. America," Jefferies also says
** Inderes notes Huhtamaki reiterates its outlook for the current year, despite the prevailing uncertainties related to the macroeconomic situation and geopolitics
** Shares are down nearly 14% YTD, falling to their lowest levels since the March 2020 market slump triggered by the COVID-19 outbreak.
($1 = 0.8971 euros)
(Reporting by Elviira Luoma)
((elviira.luoma@thomsonreuters.com; +48 58 769 66 46;))