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Wärtsilä sales grow 11% in third quarter

Third quarter sales at engine and equipment manufacturer Wärtsilä grew 11%, while order intake fell 14% to EUR1bn.

The operating result for the quarter was EUR138m, up from EUR113m last year, with EBITDA at EUR146m.

The company's ship power segment contributed 28% of overall sales in the first three quarters of 2013, a slight increase from 27% in the same period in 2012.

For the third quarter, ship power order intake stood at EUR378m, a decrease of 3% compared to the corresponding period last year. For the first three quarters however, total orders have risen from EUR1.1bn in 2012 to EUR1.2bn this year, with 44% attributed to the offshore sector and 29% for the merchant fleet.

Wärtsilä's rolling 12 month market share of medium speed main engines ticked up to 49% from , and auxiliary engines also rose marginally to 5% from 4%. MAN Diesel and Turbo still dominate the low-speed main engine sector, where Wärtsilä's share fell to 10% from 14%.

The company has revised down its forecasts for net sales growth in 2013 to between zero and five percent, down from the previous zero to ten percent estimate.

"Our outlook for the shipping and shipbuilding market in 2013 has improved." wrote wrote president and ceo Björn Rosengren in the earnings release. "The lively ordering of product tankers, large containerships and gas carriers is expected to continue during the rest of the year. Furthermore, the offshore sector is expected to remain active, although with a different contracting mix that favours mobile drilling units and FPSOs more.

"Current emission regulations and the focus on fuel efficiency create interesting opportunities in gas fuelled vessels and environmental solutions. Financing is expected to remain difficult, but some signs of easing can be seen across the industry. Overall, the contracting mix is expected to be more balanced than in 2012, with activity in all major vessel segments.

Posted 24 October 2013

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