UPDATE 2-Smurfit Kappa guides for top-end 2009 profit

Wed Nov 11, 2009 11:53am GMT
 
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* Expects FY core profit at top of analyst expectations

* Q3 EBITDA down 17 percent to 192 million euros

* Price increases implemented successfully

* Shares up 4.7 percent (Adds detail, CEO quote)

By Padraic Halpin

DUBLIN, Nov 11 (Reuters) - Irish packaging group Smurfit Kappa (SKG.I) said on Wednesday full-year core profit will be at the top end of analyst expectations as sentiment improves across its markets.

In the first guidance provided for the full year, Chief Executive Gary McGann told Reuters earnings before interest, tax, depreciation and amortisation (EBITDA) should reach the top of a range between 674 million ($1 billion) and 723 million euros projected by analysts.

EBITDA was 941 million euros in 2008.

Smurfit's shares rose after third-quarter earnings beat expectations, trading 4.7 percent higher at 6.22 euros by 1150 GMT compared with a flat Irish market .ISEQContinued...

 

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