Sappi CEO Steve Binnie has cautioned investors to expect a dip in third-quarter earnings as the pulp and paper producer readies for planned maintenance shutdowns at two of its biggest mills — a process that will shed $30m off its bottom line.

Sappi’s operating performance for the second quarter was slightly ahead of expectations, with earnings per share (EPS) excluding special items 9% higher than a year ago. Earnings before interest, taxes, depreciation, and amortisation (ebitda) excluding special items for the March quarter was up 10% at $183m...

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