April 25, 2024 08:50 GMT
UPM-Kymmene (Baa1/BBB+ Pos): 1Q24 Results
BASIC INDUSTRIES
Earnings came in ahead of consensus. Small positive for spreads.
• EBIT decreased 6% to EUR 333 mm (vs 269 mm cons). Sales decreased 5% to EUR 2,640 mm as expected.
• Market is focusing on upbeat messaging regarding the new Paso de los Toros Eucalyptus pulp mill in Uruguay.
• UPM achieved AA rating for Transparency by CDP.
• Net Debt to EBITDA 1.46x (0.82x), an improvement from 1.55x 4Q23.
• Customer destocking in 2023 is seen as being over.
Keep reading...Show less
76 words