October 25, 2019 / 5:16 AM / 21 days ago

Essity posts Q3 profit above expectations, lowers savings target

STOCKHOLM, Oct 25 (Reuters) - Swedish hygiene products group Essity reported on Friday a bigger rise than expected in core profit for the third quarter helped by higher volumes in all divisions and price increases.

Operating profit before amortisation and items affecting comparability was 4.18 billion crowns ($432.5 million) against a year-ago 3.02 billion. Analysts’ mean forecast had been for a 3.84 billion crown profit, according to a Refinitiv poll.

Essity said the rate of its cost savings had slowed in the quarter. “On this basis, we have changed our ambition to achieve 600-700 million crowns in ongoing savings and 1.2-1.3 billion in total cost savings for full-year 2019,” it said. ($1 = 9.6652 Swedish crowns) (Reporting by Anna Ringstrom; editing by Johannes Hellstrom)

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