Huhtamäki Oyj’s net sales decreased significantly during the 2Q 2020. The Group’s 2Q 2020 net sales decreased 8% to Euro 797 million, compared to Euro 867 million in 2Q 2019. Foreign currency translation impact on the Group’s net sales was Euro - 8 million compared to 2019 exchange rates.
The Group’s adjusted EBIT decreased but the corresponding margin was solid. Earnings decreased mainly due to lower sales of foodservice products following the impact from COVID-19. Earnings were supported by price management in 2019, lower raw material prices and a favorable sales mix in the North America segment. The Group’s adjusted EBIT was Euro 70 million and reported EBIT Euro 70 million. Foreign currency translation impact on the Group’s earnings was Euro 0 million.
Net financial expenses were Euro 8 million. Tax expense was Euro 14 million. Profit for the quarter was Euro 48 million. Adjusted earnings per share (EPS) were Euro 0.44 and reported EPS Euro 0.44. Adjusted EPS is calculated based on adjusted profit for the period, which excludes Euro 0.1 million of IAC.
Huhtamaki is a key global player in sustainable food-on-the-go and food-on-the shelf packaging solutions.
