Finnish consulting company Pöyry’s (OMX: POY1V) second quarter was even worse than feared, and considering that the CEO was booted towards the end of the quarter, expectations weren’t high to begin with. Net sales remained slightly below 200 million Euros where as operating profit went from a small plus to -0.8 million Euros behind some restructuring costs but even without those, there was nothing to cheer about and the number given in a profit warning one day before quarter close was too optimistic. Received orders were too low to even quantify and order stock fell to 644.1 million, which the company still calls satisfactory.
Following this disappointment Pöyry lowers its annual outlook across the board. Comparable operating profit is now expected to be”stable” vs. ”improves clearly” vs. 2011. Concerning individual business segments, Management Consulting business operating profit is expected to decline clearly (stable), Energy business operating profit is expected to decline (stable) and Industry business group operating profit is expected to improve (improve clearly). Urban business group outlook was maintained. Looking at the guidance of the individual business segments, even reaching the stable level mentioned in group guidance appears challenging. Pöyry’s stock market price plummeted yet again on Friday on the news to close at 3.81 Euros.
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