For the first nine months of 2018, net sales were €2,291 million compared to €2,243 million in 2017. Adjusted EBIT was €186.7 million, down from €202.7 million in 2017, and EBIT was €196.1 million, down slightly from last year. Adjusted EPS was €1.25 compared to €1.39 last year. Comparable net sales growth was 5% in total and 8% in emerging markets
“Our reported third-quarter net sales grew 7%, including a minor currency headwind impact of -1%,” said Huhtamaki CEO Jukka Moisio. “ Comparable growth for the Group was 4% and in emerging markets 5%. Acquisitions added €30 million to reported net sales accounting for 4% growth. During the quarter a number of important emerging market currencies devalued significantly.
“Our profitability weakened because price and mix improvement actions were not enough to offset the increase in input costs,” added Moisio. “We will continue the price and mix improvement actions. In addition, we announced in early October plans to close down non-competitive production lines and invest further in automation to improve our productivity and efficiency.”