Metso (OMX: MEO1V) joined a growing list of companies reporting somewhat decent earnings that are nevertheless weaker than consensus estimates and strong Q2 2010 and thus get severely punished in the market.
Net sales were up 14% but operating earnings were down by nearly the same percentage. Free cash flow was down more notably to 49 million (164 million). Comparable EBITA increased by 12 percent. Second quarter order intake was an all time high; 2.883 billion Euros worth of orders were received in April-June, a 73% increase to Q2 2010.
Guidance for the year remains unchanged: 15% net sales growth and improved profitability. Metso’s stock retreated 8% to 34,58 Euro. More information is available on the company’s report site.
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