Sappi share price jumps after group flags earnings surge
Notwithstanding inflationary cost pressures, Sappi is expecting another strong performance in the fourth quarter owing to lower gas costs in Europe
10 October 2022 - 13:49
UPDATED 10 October 2022 - 19:10
Sappi's share price rose as much as 10%, closing on its biggest one-day gain since February after the company said it expected earnings for the fourth quarter would be higher than those of the unprecedented levels achieved in the third.
This was a turnaround from the cautionary guidance it gave in early August when it warned it was “anticipating another strong performance in the fourth quarter, with Ebitda below the record levels achieved in the third quarter” owing to rising energy costs in Europe...
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