Finland's Valmet's profit misses forecasts, order intake up [Reuters]
ALFA-LAVAL AB UNSP/ADR (ALFVY)
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Source: Reuters
By Reuters Staff 1 Min Read HELSINKI, July 22 (Reuters) - Finnish engineering company Valmet on Thursday posted a second-quarter operating profit slightly below expectations but said it remains on track for a rise in full-year core earnings. The technology provider to the pulp, board and bioenergy industries said its operating profit rose to 85 million euros ($100.18 million) from 62 million a year ago, but missed the 89.72 million expected by nine analysts polled by Refinitiv. Its order intake grew 49% to 1.23 billion euros while quarterly sales remained stable. On July 2, Valmet said it would take over Finland’s Neles after it raised stake in the valve maker to 30% and after Swedish competitor Alfa Laval failed to win shareholder approval for its acquisition offer. Neles, which also focuses on selling tools to the paper, pulp and board industries, is due to report its quarterly results on Friday.
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