Skanska Misses Q3 Earnings Estimates Amid Property Writedowns, Cautious Outlook for Nordic Markets
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Skanska's Q3 earnings missed expectations due to asset writedowns and charges amid weak property markets. Operating profit fell to $49 million from $1.52 billion a year ago.
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Interest rate hikes have hurt Skanska's residential and commercial property businesses over the past year.
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Order bookings at Skanska's construction business fell 29% in Q3 after a strong Q2.
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Skanska sees continued weak property markets in Nordics over next year but strong US construction activity.
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Analysts expect share price weakness due to cautious outlook for Skanska's Property business.