Norway-based consumer goods group Orkla has reported higher third-quarter profits but earnings missed analyst forecasts amid pressure on the company’s foods unit.

Orkla booked EBITA of NOK860m (US$126.5m) for the three months to the end of September, compared to NOK819m in the third quarter of 2013.

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However, analysts had forecast Orkla’s EBITA would reach NOK873m, according to a Reuters poll.

Orkla, which has been reshaping its business in recent years to focus on FMCG, said EBITA from its branded consumer goods division was up 4% at NOK903m.

The company’s branded consumer goods arm is split into five business units and the largest by sales – Orkla Foods – saw EBITA fall 5.8% year-on-year.

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The unit reported a 3.4% decline in underlying sales with volumes under pressure in Norway and Denmark.

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The profitability of the four other units improved year-on-year. Losses from the Orkla International unit fell from NOK8m in the third quarter of 2013 to NOK5m.

Operating revenues from the entire branded consumer goods division increased 1.2% to NOK7.2bn.

Group-wide operating revenues, which includes non-food businesses like a hydro power arm and aluminium venture Sapa, dipped 0.3% to NOK7.49bn.

Operating profit increased 29.7% to NOK807m, helped by lower operating expenses and a fall in depreciation and write-down charges. Net profit grew 20.8% to NOK545m.

Shares in Orkla fell 5.63% on Thursday, the day the results were announced, to NOK50.30. The stock is up 9.25% so far in 2014.

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