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Sweden's Granges sees stronger demand in third quarter, profit to beat forecasts

Reuters
·1-min read

STOCKHOLM (Reuters) - Sweden's Granges <GRANG.ST> said on Thursday it expected third-quarter operating profit and sales volumes to exceed market expectations, sending its shares sharply higher.

The aluminium producer said it expected adjusted operating profit to grow to around 200 million crowns (17.4 million pounds) from 190 million a year ago while sales volumes were seen increasing to 86,700 tonnes from 85,800 tonnes.

"The operating profit in the third quarter has been positively impacted by a stronger market demand and increased effects from cost reduction initiatives," the firm, a supplier of advanced aluminium products and solutions for heat exchanger applications, said in a statement.

Shares in Granges, for which the automotive industry accounts for about half of sales, rose 7.7% at 0912 GMT.

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The firm, present in Europe, Asia and the Americas with production facilities in Sweden, China and the United States, is due to report on its third quarter on Oct. 22.

(Reporting by Helena Soderpalm; editing by Niklas Pollard)