Wartsila Reports Q1

Wartsila has reported net income of 57 million euros, or 0.28 euros per share, on net sales of 1,007 million euros for time first quarter ending March 31, 2017, compared to net income of 60 million euros, or 0.30 euros per share, on net sales of 967 million euros for the same period last year.

The company said in a prepared statement that the overall demand for its services and solutions in 2017 is expected to be relatively unchanged from last year.

By business area, it stated that there is solid demand for services with growth opportunities in selected regions and segments.

Energy solutions are also doing well, thanks to increasing electricity demand in emerging markets and the global shift toward renewable energy sources, which will support the need for distributed, flexible, gas-fired power stations.

The marine sector, however, is soft, although the outlook for the cruise and ferry segment is described as positive. The merchant, gas carrier and offshore segment, meanwhile, continue to suffer from overcapacity, slow growth, and the financial constraints of customers.

Wartsila’s current orderbook for 2017 deliveries is for 2,744 million euros, mainly for marine and energy solution deliveries.

By segment, the first quarter net sales included 490 million euros for services, 279 million euros for marine solutions and 239 million euros for energy solutions. By region, net sales saw 369 million euros in Asia, 320 million euros in Europe, 248 million euros in the Americas, and 71 million euros elsewhere.

For 2016, total net sales for full year was 4,801 million euros with net income of 357 million euros or 1.79 euros per share.