October 22, 2021
STOCKHOLM (Reuters) – Hygiene products maker Essity reported a higher-than-expected rise in quarterly profit on Friday, thanks to better market conditions and growing awareness of the importance of hygiene.
Third-quarter operating earnings at the Swedish group grew to 3.88 billion crowns ($451.1 million) from 3.82 billion crowns a year earlier, while sales grew 9%, with organic sales rising 7%. Five analysts polled by Refinitiv had on average had estimated a profit of 3.38 billion.
Compared with the pre-pandemic third quarter of 2019, organic sales were up 2%.
Essity now aims for net sales, including acquisitions, of more than 5%. It had earlier set organic sales growth target of more than 3%.
Essity is the global leader in hygiene products for businesses under the Tork brand, and in incontinence products with TENA. It is the world’s second-biggest maker of consumer tissue toilet paper and handkerchiefs with brands such as Lotus, Edet, Tempo and Vinda.
($1 = 8.6021 Swedish crowns)
(Reporting by Anna Ringstrom; Editing by Helena Soderpalm and Vinay Dwivedi)
Source Link Tissue maker Essity’s profit grows more than expected on increasing hygiene awareness