Stock market|According to preliminary data, turnover has shrunk by two percent in July–September and operating profit will not grow as expected this year.
Forestry company UPM announced on Wednesday that it will lower its estimate for this year’s result. Demand for the company’s products has been weaker than estimated, which is why delivery volumes in most businesses have shrunk.
In connection with the earnings warning, UPM also published preliminary information on its July–September earnings. Turnover has decreased by two percent from the same period last year to 2.5 billion euros.
On the other hand, the comparable operating profit increased by 32 percent to 291 million euros from the same time last year.
UPM estimates the operating profit to be approximately at the same level or to increase slightly in October–December.
Because of this, the company estimates that the comparable operating profit for the whole year will remain roughly unchanged compared to last year. Previously, the company estimated that the operating profit would increase.
Less than an hour after the announcement of the profit warning, the company’s share fell on the Helsinki stock exchange by more than three percent to 28.0 euros.