STOCKHOLM, May 4 (Reuters) - Wet snuff and cigar maker Swedish Match reported on Friday a bigger first-quarter operating profit than expected and predicted a growing but competitive Scandinavian snus market in 2018.
Operating profit fell to 1.05 billion crowns ($119 million) from a year-ago 1.24 billion which included one-off gains of 238 million. The mean forecast in Reuters’ poll of analysts was for 1.03 billion.
The operating margin for snus and snuff widened more than expected to 45.0 percent from 41.2 percent, against a forecast 43.2 percent. The margin for the Other Tobacco Products division, which includes cigars, shrank. ($1 = 8.8080 Swedish crowns) (Reporting by Anna Ringstrom, editing by Helena Soderpalm)