Neste Oil upgrades its full-year 2013 guidance
Neste Oil expects the Group’s full-year 2013 comparable operating profit to improve significantly compared to 2012 and estimates it to be higher than EUR 530 million. The Group guidance is based on the assumption that Neste Oil’s reference refining margin remains at the average level of approx. USD 5/bbl typical of the last few years and that Renewable Fuels’ result develops as expected. Previously Neste Oil expected the Group’s full-year comparable operating profit to improve clearly compared to 2012, when comparable operating profit was EUR 355 million.
The better than expected result development is mainly due to the good results at Renewable Fuels. The segment’s full-year 2013 comparable operating profit is expected to be above EUR 200 million. The previous guidance was above EUR 120 million. The positive development at Renewable Fuels results from higher sales volumes particularly in the North American markets, and successful margin management and utilization of a wide feedstock range. The market conditions have been exceptionally strong during the third quarter.
“We are very pleased to the development of Renewable Fuels’ profitability. We have been able to turn it into a global new business in roughly five years. We continue working on improving the segment’s profitability, and we focus on optimizing sales, feedstock base and production”, says Neste Oil’s President & CEO Matti Lievonen.
Neste Oil Corporation
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