Wärtsilä Corporation INTERIM REPORT 20 April 2011 at 8.30 a.m. local time PROFITABLE GROWTH MARKED THE START OF THE YEAR
FIRST QUARTER HIGHLIGHTS – Net sales increased 18% to EUR 1,083 million (922) – Operating result EUR 113 million, or 10.4% of net sales (EUR 94 million and 10.2%) – Cash flow from operating activities, EUR 133 million (181) – Earnings per share amounted to EUR 0.38 (0.34) – Order intake grew by 11% to EUR 979 million (881)
The operating result and earnings per share are shown excluding nonrecurring items. Wärtsilä recognised EUR 2 million (44) of nonrecurring items related to restructuring measures during the review period.
OLE JOHANSSON, PRESIDENT AND CEO: “I am pleased with the start of the year that saw increased sales and solid profitability. As expected the Services business showed growth as a result of our customers increasing the utilisation of their assets. The Power Plants markets continued on a good level with an increasing interest in natural gas based power generation. In Ship Power we also see further natural gas related prospects, as well as notable activity in the offshore segment. We are seeing signs, however, of uncertainty in the global business environment and some customers seem hesitant in decision making. Our restructuring measures have resulted in improved efficiency and competitiveness and provide a good basis for profitable growth in 2011.”
WÄRTSILÄ’S PROSPECTS FOR 2011 REITERATED Wärtsilä expects its net sales for 2011 to grow by 3-5% and operational profitability (EBIT% before nonrecurring items) to be around 11%.