Cost Headwinds Erode Essity's Profits in 3Q Despite Improving Mix; Shares Fairly Valued
Cost pressures continued to weigh on no-moat Essity's third-quarter results, as higher raw material and energy costs led adjusted operating margin to contact 250 basis points to 9.5%, despite continued improvements in pricing and product mix (2.6% contribution to net sales) and ongoing efforts to extract costs. Weakened profits were largely driven by the consumer tissue segment (37% of sales), where higher pulp prices (management estimates the market price for pulp is 30% higher than the prior-y...
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