A senior executive at Finnish chemicals company Kemira sold shares worth over 192,000 euros about one month before the company cut its full-year profit forecast, citing weakness in the executive's division.
According to a company filing, Harri Eronen, the executive vice president for Packaging & Hygiene Solutions, sold 9,600 shares on June 11.
On July 10, Kemira issued a profit warning, attributing the downgrade to "continued demand softness in the packaging and pulp customer industry" and the negative impact of a weaker U.S. dollar.
The company said it now expects full-year revenue to be between 2.7 billion and 2.95 billion euros, down from a previous forecast of 2.8 billion to 3.2 billion euros.
The outlook for operative earnings before interest, taxes, depreciation, and amortization was lowered to a range of 510 million to 580 million euros, from a prior 540 million to 640 million euros.
Kemira also released preliminary second-quarter results, with revenue of 693.4 million euros and operative EBITDA of 131.8 million euros.
The company is scheduled to release its full half-year financial report on July 18.
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