Stora Enso Oyj announced earnings results for the second quarter and six months of June 2018. For the quarter, the company reported sales of €2,664 million against €2,528 million a year ago. Operational EBITDA was €466 million against €359 million a year ago. Operational EBIT was €327 million against €219 million a year ago. Operating profit (IFRS) was €317 million against €205 million a year ago. Profit before tax was €257 million against €145 million a year ago. Net profit for the period was €213 million or €0.28 basic per share against €143 million or €0.19 basic per share a year ago. Sales increased 5.4%, despite wood shortage, primarily due to favourable prices and active product mix management. Operational EBIT increased 49.4%, despite temporary headwinds in wood sourcing and Consumer Board production. The increase was due to favourable prices and active product mix management.

For the six months, the company reported sales of €5,243 million against €5,025 million a year ago. Operational EBITDA was €970 million against €728 million a year ago. Operational EBIT was €696 million against €434 million a year ago. Operating profit (IFRS) was €672 million against €398 million a year ago. Profit before tax was €590 million against €309 million a year ago. Net profit for the period was €486 million or €0.63 basic per share against €250 million or €0.33 basic per share a year ago. Operational EBIT increased 60.4%, mainly due to favourable prices and active product mix management. Cash flow provided by operating activities was €411 million compared to €366 million a year ago. Capital expenditure was €241 million compared to €263 million a year ago.

The company provided earnings guidance for the third quarter of 2018. Sales are estimated to be similar to the amount of €2,664 million recorded in the second quarter of 2018, and operational EBIT is expected to be in line with the €327 million recorded in the second quarter of 2018. The impact of annual maintenance shutdowns is expected to be approximately €5 million lower than in the second quarter of 2018. The second quarter maintenance impact was €15 million higher than initially forecast. The Nordic wood supply situation is expected to continue tight, due to the risk of forest fires affecting harvesting conditions. The wood supply impact is expected to be approximately €10 million negative in the third quarter of 2018.