Kemira shares drop as Pulp & Paper underperformance weigh on Q2 results

Kemira Oyj

18/07/2023 09:20

** Shares in Kemira  KEMIRA.HE  fall more than 6% after the
Finnish chemicals company reported weaker-than-expected Q2
results
    ** Kemira's Q2 net sales decreased by 2% yoy to EUR 840.1
million ($946.12 million) and were below Refinitiv IBES estimate
of EUR 895.8 million
    ** Inderes analysts say weaker results were driven by a
clear underperformance in Kemira's Pulp & Paper segment, which
suffered more than expected from the weakness of the forestry
sector
    ** Pulp & Paper's net sales fell short of analyst
expectations, falling by as much as 14%, Inderes notes
    ** "This was driven by a fall in sales volumes, which has
been quite pronounced, as sales prices continued to rise," the
brokerage says
    ** Kemira reiterated its previous outlook, but clarified the
underlying assumptions, especially for Pulp & Paper, where the
company expects market demand to be weak
    ** Kemira shares are on track for their worst day since
February and are amongst worst performers in Helsinki  .OMXHPI  


($1 = 0.8879 euros)

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