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Finnish forestry company UPM misses earnings expectations

·1-min read
A maintenance truck seen at UPM-Kymmene’s biofuel plant in Lappeenranta

HELSINKI (Reuters) -Finnish forestry company UPM on Thursday reported second-quarter earnings short of analyst expectations as it recovered from industrial action, adding that it remains on track to exceed last year's annual profit.

UPM's Finnish pulp and paper plants were out of action for the first four months of the year because of a strike by workers opposed to the company's plans to switch to separate labour agreements for each of its businesses.

"This was a great achievement, taking into account that during the first half we only had one month of normal full production," Chief Executive Jussi Pesonen said in a statement.

The company also said it had been able to raise prices to offset higher costs.

UPM's April-June comparable operating profit rose 26% to 387 million euros ($395 million), short of the 400 million euros expected in a Refinitiv poll of seven analysts.

Shares in the company were down 2% in early trade.

($1 = 0.9799 euros)

(Reporting by Essi LehtoEditing by David Goodman)

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