Analysts Lower Boliden’s Profit Forecasts After Second Quarter Report
Analysts have revised down their forecasts for Boliden's operating profit for the full year 2024 by 3.5 percent, following the company's second-quarter report. This update comes from Infront's latest summary, compiled after Boliden's interim report released just over two weeks ago.
The analyst community now expects Boliden to achieve an operating profit of SEK 11.5 billion (USD 1.07 billion) for the full year 2024, down from the previous forecast of SEK 11.9 billion (USD 1.11 billion).
Boliden's Mines business area reported an operating profit of SEK 1.1 billion (USD 102.3 million) in the second quarter, significantly lower than the expected SEK 1.7 billion (USD 158 million), falling short by approximately 55 percent according to Infront's consensus.
Boliden attributed the lower result to "challenges in Aitik, partly due to the delayed start of production at the Liikavaara satellite mine."
Analysts now expect the full-year operating profit for the Mining business to be SEK 5.6 billion (USD 520.8 million), down 12.3 percent from the SEK 6.6 billion (USD 613.8 million) forecasted in the second quarter report.
In contrast, the operating profit for the Smelters business area has been revised upwards by 8.4 percent to SEK 6.3 billion (USD 585.9 million) for the full year 2024, compared to SEK 5.7 billion (USD 530.1 million) before the report.
Earnings per share for 2024 are now expected to be SEK 31.06 (USD 2.89) compared to SEK 32.68 (USD 3.04) before the report, marking a decrease of 5 percent.
However, full-year revenue expectations have been revised upwards by 2 percent to SEK 85.6 billion (USD 7.96 billion) from the previous SEK 83.7 billion (USD 7.78 billion).
