Outotec Oyj has released interim report for January to September 2011 period.
1. January to September 2011 in brief:
Order intake: EUR 1,678.4 million, up by 62% YoY
Order backlog: EUR 2,052.5 million, up by 54% YoY
Sales: EUR 888.8 million, up by 39% YoY
PPA amortizations: EUR 66.6 million, up by 62% YoY
Net cash flow: EUR 225.8 million, up by 145% YoY
Earnings per share: EUR 0.93, up by 408% YoY
2. July to September 2011 quarter in brief:
Order intake: EUR 802.7 million, up by 198% YoY
Sales: EUR 352.8 million, up by 54% YoY
PPA amortizations: EUR 34.3 million, up by 30% YoY
Net cash flow: EUR 120.1 million, up by 139% YoY
Mr Pertti Korhonen president & CEO of Outotec said that "The demand for Outotec's technology solutions and services continued strong also in the third quarter. Particularly the non-ferrous, aluminum and steel industries were investing in new production capacity. Record high order intake in the third quarter led to an all time high over EUR 2 billion order backlog at the end of September. Due to the high order backlog, successful execution and strong services sales, all our business areas are now on solid growth track and our profitability continued to improve. Services sales were 29% higher than in the comparison period, demonstrating very strong organic growth. Our cash flow was very strong due to advance and milestone payments."
He added that "I am pleased that our investments in the development of our operational model and organization as well as our efforts to recruit new professionals have started to deliver strong growth and improving profitability towards our long-term targets. Despite the turbulence within the financial markets in Europe and North America, Outotec's market outlook has remained positive as well over half of our sales is coming from emerging markets. Our flexible and asset light business model based on extensive use of partnering and outsourcing and our strong balance sheet help us to adapt to possible changes in market conditions."
Mr Korhonen said that "We have successfully integrated the seven acquisitions we have made during the last three years and they are positively contributing to our growth and profitability development. Our strong balance sheet enables us to continue pursuing further acquisitions which are an important aspect of our strategy. I am grateful for the trust our customers have in us by giving us a great deal of new business and I would like to extend my special thanks to all of our Outotec's personnel around the world for their very strong performance."
