Finland's Neste beats market expectations with record Q3 result

General view of Neste's oil refinery, with a total refining capacity of about 13.5 million tonnes per year, in Porvoo, southern Finland, November 17, 2015.REUTERS/Jussi Rosendahl/File Photo - Copyright Reuters Staff(Reuters)

By Reuters

Published on 23/10/2019 - 08:34•Updated 11/05/2024 - 03:58

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HELSINKI (Reuters) - Finnish biofuel producer and oil refiner Neste <NESTE.HE> on Wednesday reported better-than-expected results as it hit its highest quarterly profit ever, citing higher sales in its key renewables products.

Neste, which is investing heavily in renewables, said its third-quarter operating profit rose 77.6% to 444 million euros ($494 million) from 250 million euros a year earlier, surpassing analysts' average expectation of 420 million euros in a Refinitiv poll.