UPDATE 1-Packaging firm Smurfit Kappa says worst is over as volume growth returns [Yahoo! Finance]
SMURFIT KAPPA GROUP ADR (SMFKY)
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Source: Yahoo! Finance
The chief executive of packaging giant Smurfit Kappa said on Wednesday that the worst of a year-long dip in demand for the sector appeared over after volumes increased in the fourth quarter, snapping three successive quarterly declines. Packaging companies rode a boom in demand for goods and e-commerce during COVID-19 lockdowns. But a fall in volumes when economies reopened and consumers spent more on travel and other services led to a 12% drop in Smurfit's full-year core profit, as expected on Wednesday. The Irish group, Europe's largest paper packaging producer, said volumes fell 3.5% in 2023 as a whole as customers destocked and demand for durable goods weakened but were flat in Europe and up by 1.6% in the Americas in the fourth quarter. Smurfit shares opened 4.6% higher. "That trend is continuing into January, that we have seen improvements in demand again, so I think the worst is behind us in the sense of demand," Smurfit told CNBC on Wednesday, adding that February als
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