Orkla Q3 print shows progress towards targets, Kepler Cheuvreux analyst says

Orkla ASA

29/10/2024 11:35

** Shares in the Norwegian food processing company Orkla
 ORK.OL  rise 3.5% as it beats profit expectations for the
quarter, proving resilience in meeting its targets 
    ** "It's not a huge thing that happened this quarter, but I
think in general it's the management showing the market that
they're doing what they've said they wanted to do to meet their
goals," says Kepler Cheuvreux analyst Hakon Nelson
    ** He adds we are now three quarters into the 12 quarters
period for which Orkla has set out its targets, and the market
is seeing the company actually meeting the goals
    ** Analyst points out Orkla has increased its margins in
almost all its portfolio companies this quarter, proving cost
cutting initiatives are working
    ** Orkla posted Q3 adjusted EBIT of NOK 2,147 million
($195.88 million) compared to the NOK 2,014 million seen in LSEG
consensus 
    ** Including session's gains, stock is up more than 32% YTD
and is among the top risers on the STOXX 600 index  .STOXX 


($1 = 10.9609 Norwegian crowns)

 (Reporting by Agata Rybska)
 ((gdansk.newsroom@thomsonreuters.com;))