UPM shares slide after Q3 earnings miss, cautious H2 outlook
BUZZ-UPM shares slide after Q3 earnings miss, cautious H2 outlook ** Shares in UPM UPM.HE fall more than 5% after the Finnish forest-products and bio-based material solutions company reported Q3 results below estimates, and flagged lower volumes and higher variable costs in H2
** Q3 comparable EBIT came in at €131 million, below the IBES estimate of €204.4 million
** It expects comparable EBIT in H2 from continuing operations to be in the range of €375-575 million, citing lower delivery volumes, higher variable costs and increased maintenance activity
** Shares are on track for their worst day since July, if losses hold, and fall to the bottom of STOXX 600 index .STOXX
** Shares in peer Stora Enso STERV.HE, due to report its quarterly figures on Oct. 30, are down 2.5%
(Reporting by Jagoda Darlak)
((Jagoda.Darlak@thomsonreuters.com; +48 58 769 65 40;))
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