Stora Enso - High pulp prices put 3Q17 results into orbit
Stora Enso, the Finnish paper and packaging producer, reported robust 3Q17 results. Sales came in at €2,509m, up 5% yoy, or in line with management guidance. This performance was fueled by the unabated surge in pulp prices (+30% yoy on average during the quarter). Stora Enso is more than fully-integrated in pulp (unlike competitor Lecta), selling a substantial surplus to many industries such as textile producers. Furthermore, the quarter saw further ramp-up of new machines in growing segments. On the latter, the investment program, which aims at shifting the business away from the structurally declining paper market, is well on track.
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