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Jul 25 2024, 07:38 IST/BST
Finnish listed global food and beverage packaging specialist Huhtamaki reported a 1% fall in Q2 2024 comparable (organic) sales (pass-through of lower raw material costs to customers). Positively, despite lower sales, Huhtamaki’s adjusted EBIT margins rose 140bp year-on-year (yoy) to 10.2%, due to lower raw material costs and the benefit of prior restructuring actions. With improving margins, Huhtamaki’s adjusted EBIT rose 14% yoy to €105.5m, a 1% beat on €104.7m Vara Q2 2024 adjusted EBIT consensus. With unchanged 2024 outlook, we expect minimal changes to Huhtamaki 2024E consensus estimates of €420.8m adjusted EBIT / €2.46 adjusted EPS.
Jul 25 2024, 07:38 IST/BST