Sappi is trading 6.37% down at ZAc 1382 after investors reassessed its weak third-quarter results.
- Adjusted EBITDA fell 34% year over year to US$53 million, while the company reported a challenging operating environment and an adjusted earnings-per-share loss.
- The decline follows a sharp post-results rally and appears to reflect profit-taking and renewed concern about earnings quality, debt, pricing pressure and operating costs, despite management forecasting materially stronger fourth-quarter EBITDA.