MARKET DEVELOPMENT
Neste Oil Q2 Profit Below Estimates, Cautions on Profit Outlook
Neste Oil Q2 Profit Below Estimates, Cautions on Profit Outlook
05/08/2014 (Reuters) - Finnish oil refiner Neste Oil reported second-quarter profit below analysts' expectations on Tuesday and said its full-year earnings would come in at the low end of their estimate.
April-June operating profit fell to 69 million euros from 112 million a year earlier, and well below the average forecast of 88 million in a Reuters poll of analysts.
It said that it expected its comparable annual operating profit to be at the lower end of the guidance range of 450 billion euros, plus/minus 10 percent.
State-controlled Neste has focused on its biofuels business, which makes renewable diesel from sources such as palm oil and animal fats, as a way of differentiating itself from bigger competitors.
April-June operating profit fell to 69 million euros from 112 million a year earlier, and well below the average forecast of 88 million in a Reuters poll of analysts.
It said that it expected its comparable annual operating profit to be at the lower end of the guidance range of 450 billion euros, plus/minus 10 percent.
State-controlled Neste has focused on its biofuels business, which makes renewable diesel from sources such as palm oil and animal fats, as a way of differentiating itself from bigger competitors.