Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Neste Oyj    NESTE   FI0009013296

NESTE OYJ

(NESTE)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Neste Oyj : reports best ever quarter as renewables boost Finnish refiner

share with twitter share with LinkedIn share with facebook
share via e-mail
1
10/23/2019 | 07:52am EST
General view of Neste's oil refinery, with a total refining capacity of about 13.5 million tonnes per year, in Porvoo

HELSINKI (Reuters) - Neste reported its highest ever quarterly profit on Wednesday as renewable products helped the Finnish oil refiner and biofuel producer beat forecasts.

Third-quarter operating profit rose 77.6% to 444 million euros (£384 million) from 250 million a year earlier, it said.

That topped the 420 million expected by analysts, Refinitiv data showed.

Neste, which is 44.7% state owned, is investing heavily in renewables, which accounted for 70% of group profits in the quarter.

A 1.4 billion euro investment in its Singapore refinery's renewables output - its biggest single investment to date - is "proceeding as planned," it said, with increased output scheduled to begin in mid-2022.

The refinery produces renewable fuels, mainly from waste and residue such as used cooking oil, animal fat from food industry waste, fat from fish processing waste and residue from vegetable oil processing.

Neste said its renewables unit's comparable operating profit rose 34% to 305 million euros buoyed by a 30% rise in sales volumes.

Analysts at Credit Suisse stressed the unit's "strong operational performance."

Neste's revenue in the third quarter rose to 3.96 billion euros, beating analysts' forecasts of 3.75 billion euros.

"Demand for renewable diesel is expected to remain strong in the fourth quarter in anticipation of the growing mandates in 2020," Neste said.

Neste said utilisation rates at its renewables production facilities would remain high, except for a scheduled four-week catalyst change at its Rotterdam refinery.

It said it has been able to halve an expected 50 million-euro dent in its earnings from the maintenance by building up inventory.

Neste's shares jumped to their highest level in 6 months on Wednesday and were up 6.8% in early afternoon trade at 31.79 euros, valuing the firm at 24.5 billion euros.

TROUBLES

Last week Neste was hit by IT problems which delayed fuel deliveries after a systems failure at its service provider's data centre.

Neste Chief Executive Peter Vanacker told Reuters the situation had stabilised but it was too early to evaluate costs as crisis management work was continuing this week.

Neste wrote down assets worth 34 million euros at Nynas AB -- a joint venture with Venezuela's state-run PDVSA -- retaining its stake but fully writing off the shareholding in financial terms. Vanacker said its results will not be consolidated going forward.

Earlier this week Nynas said it will suspend imports of Venezuelan crude following changes to a licence allowing it to operate under U.S. sanctions.

"We continue to focus on the viability of Nynas," Vanacker said.

Nynas operates speciality refineries in Sweden, Germany and England, mostly for asphalt production.

Neste will implement a scheduled 11-week major turnaround at its Porvoo refinery -- the largest ever for the company -- in the second quarter of 2020 that is expected to hit its renewable unit's operating profit by some 40 million euros.

(Reporting by Anne Kauranen and Tarmo Virki; editing by Tom Hogue, Jason Neely, Kirsten Donovan)

By Tarmo Virki

share with twitter share with LinkedIn share with facebook
share via e-mail
1
Latest news on NESTE OYJ
10:12aAirlines get ready for jet biofuel take-off in Norway
RE
11/19NESTE OYJ : partners with Salesforce to convert Dreamforce shuttle service to ru..
AQ
11/19NESTE OYJ : opens an office in Melbourne, Australia
AQ
11/12NESTE OYJ : and Ravago start collaboration to enable chemical recycling of over ..
AQ
11/05NESTE OYJ : new IMO2020-compliant low-sulphur marine fuel available in Germany
AQ
11/01PJSC Tatneft Acquisition of Neste's Russian Retail Business
DJ
11/01NESTE OYJ : Corporation - 's divestment of fuel retail business in Russia has be..
AQ
11/01NESTE OYJ : Tatneft completed the acquisition of Neste's retail business in Russ..
AQ
10/31NESTE OYJ : divestment of fuel retail business in Russia has been finalized
AQ
10/25NESTE OYJ : recognized with the European Chemical Industry Council's Responsible..
AQ
More news
Financials (EUR)
Sales 2019 15 346 M
EBIT 2019 1 593 M
Net income 2019 1 230 M
Finance 2019 133 M
Yield 2019 2,68%
P/E ratio 2019 19,4x
P/E ratio 2020 17,0x
EV / Sales2019 1,54x
EV / Sales2020 1,64x
Capitalization 23 806 M
Chart NESTE OYJ
Duration : Period :
Neste Oyj Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends NESTE OYJ
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 35,52  €
Last Close Price 31,01  €
Spread / Highest target 29,0%
Spread / Average Target 14,5%
Spread / Lowest Target -10,0%
EPS Revisions
Managers
NameTitle
Peter Vanacker President & Chief Executive Officer
Matti Kähkönen Chairman
Jyrki Mikael Mäki-Kala Chief Financial Officer
Lars Peter Lindfors Senior Vice President-Innovation
Laura Marita Raitio Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
NESTE OYJ38.11%26 346
EXXON MOBIL CORPORATION2.17%294 781
BP PLC0.26%129 393
RELIANCE INDUSTRIES37.13%126 987
CHINA PETROLEUM & CHEMICAL CORPORATION-20.93%81 578
PHILLIPS 6637.40%52 599