Huhtamäki, a global producer of food and beverage packaging, reported net sales in line with expectations in the third quarter. Operating profit was worse than expected.

Revenue fell 1.1% to EUR 1,026.2 million (1,037.2), compared to the Vara Research analyst consensus of 1,028.6.

"Market conditions started to improve in the third quarter. The situation improved compared to the first half of the year, but the pace was moderate, with differences across categories and geographies," said CEO Charles Héaulmé.

Ebitda was EUR 148.4 million (145.4), compared to 154.9 million expected, with an ebitda margin of 14.5% (14.0).

Adjusted ebitda was EUR 153.1 million (149), with an adjusted ebitda margin of 14.9% (14.4).

Operating profit was EUR 95.1 million (92.8), the expected operating profit was 101.2. The operating margin was 9.3 percent (8.9).

Adjusted operating profit amounted to EUR 102.4 million (100.3), expected to be 102.7, with an adjusted operating margin of 10.0 percent (9.7).

Earnings per share amounted to EUR 0.57 (0.42), which is 1.7 percent below the analyst consensus of 0.58. Adjusted earnings per share amounted to EUR 0.63 (0.57), which is 3.3% better than the analyst consensus of 0.61.

The company leaves the outlook for 2024 unchanged.