Rautaruukki Q1 earnings beat market forecast on strong demand |
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Published
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Wed, 25 Apr 2007 07:36
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HELSINKI (Thomson Financial) - Steel group Rautaruukki posted solid first quarter earnings supported by strong demand for steel and industrial construction materials, and said it expects the market to hold firm during the rest of the year.Pretax profit came in at 177 mln eur, up from last year's figure of 101 mln eur and beating market expectations that centred on 152 mln eur, according to a survey conducted by Kauppalehti/SME.January-March earnings per share were 0.95 eur against 0.57 eur a year earlier, and ahead of market forecast of 0.81 eur.Quarterly sales rose 11 pct to 950 mln eur, up from 856 mln eur a year ago and a touch higher than the 945 mln eur consensus figure.Looking ahead, the group said it expects 2007 sales growth to be in line with growth targets set, with operating profit seen exceeding the comparative figure of last year.It also said that the market will continue to 'hold up well' in all its products' areas.azer.sawiris@thomson.comafs/bsdCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Helsinki shares higher afternoon on Q1 excitement 