Swedish Match Q2 Profit Rises; Sales Up 9%

Source from:  RTTNews.com 07/21/2015

Swedish Match reported that its second-quarter profit to equity holders of the parent increased by 8 percent to 705 million Swedish kronor from 651 million kronor, last year. Earnings per share was 3.62 krona compared to 3.27 krona. EPS, adjusted for a larger one-time item, was 3.79 krona, for the quarter.

Operating profit, which includes larger one-time items and share of net profit in STG, amounted to 1.02 billion kronor compared to 941 million kronor, a year ago. Excluding a restructuring provision related to the relocation of distribution facilities in Sweden, recognized as a larger one-time item, operating profit amounted to 1.06 billion kronor, for the quarter.

Operating profit from product areas, which excludes larger one-time items and share of net profit in STG, increased by 9 percent to 937 million kronor from 862 million kronor, a year ago. In local currencies operating profit from product areas declined by 1 percent.

Sales increased by 9 percent to 3.64 billion kronor from 3.34 billion kronor. In local currencies, sales increased by less than 1 percent and were negatively impacted by the timing of the Easter.

Swedish Match said the company maintains its long term financial strategy and dividend policy, and remains committed to returning cash not needed in operations to shareholders. Enditem