Wartsila's Q3 profit rises to 138m euros
[HELSINKI] Finnish ship and power plant engine maker Wartsila posted a stronger-than-expected rise in quarterly profit on higher spending by shipping clients and solid demand from power plants.
Though Wartsila said its order book has taken a hit from some customers delaying investment decisions, its escape from the sharp deterioration experienced by other Finnish industrials amid Europe's prolonged economic downturn lifted its shares 4 per cent by 0815 GMT.
Third-quarter operating profit, excluding one-off items, rose to 138 million euros (S$236 million) from 113 million euros a year earlier, beating the average forecast of 132 million euros in a Reuters poll of analysts. A 14 per cent drop in orders, however, prompted the company to trim its 2013 sales growth forecast to between zero per cent and 5 per cent from the previous estimate of up to 10 per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Porsche posts Q1 profit drop on ramp-up costs
Air China orders homegrown C919s in challenge to jet duopoly
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US