UPM-Kymmene Oyj said its first-quarter normalized net income amounted to 19 euro cents per share, compared with the S&P Capital IQ consensus estimate of 29 cents per share.
EPS declined year over year from 20 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €103.1 million, a decrease from €104.4 million in the prior-year period.
The normalized profit margin fell to 4.1% from 4.2% in the year-earlier period.
Total revenue came to €2.49 billion, compared with €2.48 billion in the prior-year period, and total operating expenses came to €2.30 billion, compared with €2.30 billion in the prior-year period.
Reported net income declined 18.9% year over year to €154.7 million, or 29 cents per share, from €190.7 million, or 36 cents per share.
