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Investing.com -- Finnish packaging company Huhtamaki Oyj (HE:HUH1V) on Thursday reported third-quarter earnings in line with expectations, as strength in its flexible packaging division helped offset weakness in North America.
The company posted earnings before interest and tax (EBIT) of €100 million for the quarter, matching consensus estimates of €99 million but slightly below the previous quarter’s €103 million. Earnings per share came in at €0.62, ahead of the €0.60 consensus forecast.
Sales declined 1% compared to a flat performance in the second quarter of 2024.
The North American division, which accounts for approximately 42% of group EBIT, missed expectations with €34 million in earnings, 20% below the consensus estimate of €43 million. The company cited lower prices and higher operational costs as factors behind the underperformance.
This weakness was offset by the Flexible Packaging division, which delivered €31 million in earnings, exceeding consensus estimates by 16%. The company noted improved sales price and mix in this segment, though volumes were lower.
The Foodservice division reported €22 million in earnings, in line with expectations, while the Fiber division contributed €12 million, also matching forecasts.
Huhtamaki maintained its 2025 outlook, expecting performance to "remain relatively stable" for the year. The company continues to benefit from previous actions to optimize its manufacturing footprint but requires volume recovery for operating leverage to become visible in its earnings.
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