Wartsila raises outlook after strong Q3
Finnish ship and power plant engine maker Wartsila raised its full-year outlook after strong sales of ship engines and other power products helped it beat market estimates in the third quarter, Reuters reports.
Chief Executive Bjorn Rosengren said the company managed to win new orders and grow sales despite global economic uncertainty. Major deals in the quarter included engine orders from Singapore's Jurong Shipyard and a power plant order in Jordan.
The company's acqusition of British engineer Hamworthy, which closed in January, also boosted business, he said.
"Ship power's year-on-year performance is strong, and has been supported by both an active offshore sector and the Hamworthy acquisition," he said in a statement on Wednesday.
Wartsila said it now expects full-year 2012 sales to grow 10-15 percent and operating profit margin to be 10.5-11 percent. It previously forecast a 5-10 percent rise in sales and a margin of 10-11 percent.
Its quarterly operating profit, excluding one-off items, rose 21 percent from a year earlier to 113 million euros ($147.16 million), higher than all analysts' forecasts which averaged 104 million euros in a Reuters poll.
Sales grew 28 percent to 1.09 billion euros, slightly higher than the market expected.
