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Suominen reported higher than expected earnings in Q2 and provided some more colour on the reasons for the lowered outlook the company issued yesterday. As the management expects the market imbalance to be at its worst in Q3 but demand starting to recover towards the end of the year, we tentatively anticipate material downgrade to Q3 earnings expectations, some 10-20% downgrade to this year’s EBITDA expectations and perhaps more modest downward revisions for 2022-23.
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