Sequana reports results for Q3 2010

Sequana recently reported its unaudited results for the third quarter of 2010 and for the nine months ended 30 September 2010.

Consolidated net sales for the third quarter of 2010 came in at €1,089 million, up 10.2% year on year or 5.8% at constant exchange rates.

The growth in like-for-like third quarter sales was driven by the price increases implemented across all countries and market segments and, to a lesser extent, by an improved product mix, with volumes down slightly in distribution and stable in production.

The combination of increased prices and improved product mix made it possible to offset the increase in input costs, notably paper pulp, the price of which started to gradually soften over the third quarter, albeit to a lesser pace and extent than expected.

As a result, third quarter EBITDA was down 2.1% year on year at €45.9 million, or 4.2% of sales. Recurring operating income came in at €26.0 million, up 4.6% from the third quarter of 2009 (€24.9 million). Consolidated net sales for the first nine months of 2010 were €3,233 million, up 5.8% year on year, or 2.7% at constant exchange rates.

EBITDA reached €165.7 million, up 7.0% year on year. Recurring operating income grew by €7.4 million (7.5%) to €105.6 million and operating margin was up 0.1% to 3.3% of sales. Recurring net income totalled €43.2 million and net income group share totalled €9.6 million including €33.6 million of non-recurring expenses (mainly restructuring costs related to Antalis), against a net loss of €26.7 million in 2009.