Stora Enso says third-quarter earnings beat target

Nordic paper maker Stora Enso says third-quarter earnings above expectations

Associated Press

HELSINKI (AP) -- Nordic paper maker Stora Enso Oyj says its earnings in the third quarter were above expectations thanks to an improvement in the renewable packaging sector, wood supply and investments.

It said operation earnings — which exclude one-time costs and taxes — will be 180 million euros ($240 million), above its expectations of about 124 million euros.

Stora's share price rose more than 3 percent to 6.33 euros in afternoon trading in Helsinki.

The company noted that restructuring and other non-recurring costs will shave off some 23 million euros from net earnings in the third quarter.

It also warned that the weak European paper market will cause fourth quarter operational earnings to be "clearly lower" than a year earlier.

Stora is due to report its full third-quarter results on Oct. 22.

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