In the fourth quarter, Suominen’s net sales increased by 15.1% from the comparison period to €133.1 million ($146 million). Sales volumes were in line with the comparison period and Q3/2022 while sales prices increased. Currencies impacted net sales positively by €9.3 million ($10.2 million).

Net sales of the Americas business area amounted to EUR 81.7 million (68.9) and net sales of the Europe business area €51.4 million ($56.4 million).  

In 2022, Suominen’s net sales increased by 11.3% from the comparison period to €493.3 million ($541 million). The increase in sales was driven by higher sales prices and tailwind from currencies; sales volumes decreased from 2021. Currencies impacted net sales positively by €32.9 million ($36 million).

Net sales of Americas business area were €288 million ($315.9 million) and net sales of Europe business area €205.5 million ($225.4 million).

Klaus Korhonen, interim president and CEO, says: “2022 was a difficult year for Suominen. The unprecedented raw material inflation which impacted us significantly already in 2021 persisted, and additionally also energy costs surged in 2022 after Russia’s unlawful invasion of Ukraine in February. Suominen’s U.S. business specifically continued to suffer from the high inventory levels in the whole supply chain, where imbalance started to normalize only during the second half of the year.

“Our net sales in 2022 reached €493.3 million (443.2). Although sales volumes decreased from 2021, net sales were high driven by higher sales prices and also tailwind from currencies which amounted to €32.9 million. Our comparable EBITDA decreased clearly from the previous year and was €15.3 million (47.0). The higher sales prices could not fully compensate for the volume loss and for the higher raw material and energy costs. To improve our profitability, we took several actions during the year such as implementing energy surcharges in Europe in March and September and a general cost surcharge in North America in August as well as widening our product portfolio in the U.S.”