Andritz 3Q Preliminary Earnings Beat Market Expectations
By Olivia Bugault
Andritz AG said Wednesday that its third-quarter preliminary
results were above market expectations as it posted a profit and
only a slight decline in sales in the quarter.
The Austrian plant-engineering company said sales in 3Q edged
down to roughly 1.67 billion euros ($1.97 billion) from EUR1.69
billion for the same period last year. Strong sales in the
pulp-and-paper business cushioned the decline.
Net profit came in at around EUR50 million, compared with a net
loss of EUR35 million a year earlier, it said.
The company said "in view of the favorable earnings development
in the first three quarters and on the basis of the current order
backlog, Andritz now expects for the full year 2020 approximately
the same level of profitability (EBITA margin) excluding
extraordinary effects." Last year, Andritz's Ebita margin excluding
extraordinary effects was at 6.8%.
The company said, however, that if coronavirus cases continue to
rise in the coming months, this could have negative effects on its
Final results for the third quarter will be published on Nov.
Write to Olivia Bugault at email@example.com
(END) Dow Jones Newswires
October 28, 2020 07:22 ET (11:22 GMT)
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