In July–September 2022, Suominen’s net sales increased from the comparison period by 34% to €131.9 million ($130.7 million) as both volumes and sales prices increased. Currencies impacted the net sales positively by €11.1 million ($11 million).

Suominen has two business areas, Americas and Europe. Net sales of the Americas business area amounted to €80.3 million ($80 million) and net sales of the Europe business area to €51.7 million ($51.2 million).

Petri Helsky, president & CEO comments: “After a difficult first half of the year, Suominen’s result started to turn around in the third quarter. We reached all time high quarterly net sales in Q3 through improvement in both volumes and prices and tailwind from currencies. Our sales volumes increased in comparison to both Q3/2021 and Q2/2022 driven especially by improvement in North America. Margins were still lower than a year ago but improved slightly versus the previous quarter.”

Helsky says higher sales and production volumes impacted the result positively but the company’s sales price increases could not fully compensate for the higher raw material and energy costs even despite the previously implemented energy surcharge in Europe. Other operating income was impacted positively by one-time tax credits and incentives in Brazil and Italy.

“In August we announced surcharges on all our products in North America as a response to significant unexpected increases in raw materials, energy and freight costs. In September we announced a new energy surcharge on all our products in Europe as energy prices have continued to increase significantly after our first surcharge in March. Energy cost inflation is expected to continue during the autumn and winter months.”

Looking ahead, Suominen expects the demand for its products in the U.S. to continue recovering and it has already seen the raw material markets turn more favorable in early Q4. “At the same time our own improvement actions are starting to bear fruit. All these are expected to contribute positively to our result in the fourth quarter,” Helsky concludes.