UPMMY - UPM-Kymmene Oyj (UPMKF) Q1 2024 Earnings Call Transcript
2024-04-25 20:39:08 ET
UPM-Kymmene Oyj (UPMKF)
Q1 2024 Earnings Conference Call
April 25, 2024 06:15 AM ET
Company Participants
Massimo Reynaudo - President & Chief Executive Officer
Tapio Korpeinen - Chief Financial Officer
Conference Call Participants
Charlie Muir-Sands - BNP Paribas Exane
Patrick Mann - Bank of America
Andrew Jones - UBS
Cole Hathorn - Jefferies
Ram Kamath - Barclays
Presentation
Massimo Reynaudo
Good morning and good afternoon. Thanks for joining us for the UPM Quarter One 2024 Results Webcast. I'm Massimo Reynaudo, I'm the CEO of UPM. Here with me is Tapio Korpeinen, the CFO of UPM.
Tapio Korpeinen
Good morning to everyone.
Massimo Reynaudo
Let me share now the main facts and achievements of the first quarter. While quarter one has represented a positive start of the year under different dimensions, first, the recovery in demand and continued successful margin management have resulted in improved earnings compared to previous quarters. The destocking that has characterized last year is now over for all our businesses.
Second, our transformative investments the new Paso de los Toros pulp mill in Uruguay and the Olkiluoto 3 nuclear power plant in Finland have delivered good contributions to the quarter one earnings.
And finally, the improvement has been wide based and most of our businesses have improved their performance sequentially. Our sales totaled €2.64 billion and our comparable EBIT generation has been robust at €333 million or 12.6% of sales.
As I said earlier in quarter one, the destocking was over and the inventories have been normalizing. Last year, many industries have experienced a heavy destocking and a drop of the demand that in scale and duration has not been experienced before....
UPM-Kymmene Oyj (UPMKF) Q1 2024 Earnings Call Transcript