The company reported net sales of $445.2 million for the third quarter of 2019, which were $18.7 million or 4.4% higher than net sales of $426.5 million for the third quarter of 2018. The increase was due to higher net paperboard and tissue pricing from previously announced price changes and higher retail tissue shipments. These items were partially offset by lower non-retail tissue shipments primarily resulting from the sale of the company's mill in Ladysmith, Wisconsin in August 2018. Net loss for the third quarter of 2019 was $11.0 million compared to net earnings for the third quarter of 2018 of $34.4 million. The decrease in net earnings was due to planned major maintenance at the company's Lewiston, Idaho mill, higher input costs for pulp and wood fiber and increased depreciation and interest expense.
January–December 2016 (1–12/2015)
• Sales were EUR 4,658 million (EUR 5,016 million).
• Operating result was EUR 442 million (542). Comparable operating result was EUR 439 million (537).
• Result before taxes was EUR 361 million (468). Comparable result before taxes was EUR 357 million (466).
• Comparable return on capital employed was 10.2 per cent (13.6). Comparable return on capital employed excluding assets under construction related to strategic investment projects was 11.6 per cent (14.3).
• Cash flow from operations was EUR 504 million (964).
October–December 2016 (10–12/2015)
• Sales were EUR 1,175 million (EUR 1,205 million).
• Operating result was EUR 110 million (128). Comparable operating result was EUR 107 million (123).
• Result before taxes was EUR 85 million (113). Comparable result before taxes was EUR 82 million (108).
• Comparable return on capital employed was 9.8 per cent (12.3). Comparable return on capital employed excluding assets under construction related to strategic investment projects was 11.6 per cent (13.2).
• Cash flow from operations was EUR 206 million (338).
President and CEO Kari Jordan: “Metsä Group’s business operations developed according to expectations in 2016. Our profit-making ability continued to be good, and the balance sheet strong. Our profitability in comparison to the previous year was affected by the lower market price of pulp and the start-up phase of the new folding boxboard machine at Husum.
Our production capacity is growing. Metsä Group’s investments in 2015–2017 amount to approximately two billion euros of which about 85 per cent is directed to Finland. The construction of the bioproduct mill at Äänekoski is progressing on schedule and according to budget. At the moment, the focus of the work is shifting from equipment installations to the testing and commissioning phase. The folding boxboard machine at Husum, which started up in early 2016, is operating at a good speed, and the construction work on the extrusion coating line is progressing according to target. The expansion of Kerto® LVL mill in Lohja is also progressing according to plan as part of the Wood Products Industry’s investment programme.
Our starting point for 2017 is stable. We will continue our long-term work for profitable growth as well as efficiency and productivity improvement in all of our business areas. Metsä Group’s year will culminate in the start-up of the bioproduct mill in the third quarter.”
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