The Andritz Group, among others manufacturer of feed compounding equipment, showed a favourable business development in the first three quarters of 2010. In particular, sales, earnings, and profitability rose substantially in Q3, with order intake and order backlog also showing an increase compared to the previous year's reference period.
Sales of the Andritz Group rose in the third quarter of 2010 compared to last year’s reference period by around 19% to €896.6 million (Q3 2009: €756.1m), with substantial increases in all business areas except Metals.
In the first three quarters of 2010, Group sales amounted to €2,458.8m (+5.5% vs.Q1-Q3 2009: €2,330.2m).
Order intake up
The order intake of the Andritz Group developed favourably in the third quarter of 2010: At €932.1m, it increased by some 11% compared to the third quarter of 2009 (€842.2m).
With the exception of the Metals business area, which continues to be impacted by the difficult project situation in the international steel industry, all business areas were able to increase their order intake in comparison with the reference figures of the previous year.
As a result, the order intake of the Group rose to €3,235.8m in the first three quarters of 2010 and thus was over 25% higher than the figure for the previous year’s reference period (Q1-Q3 2009: €2,554.9m).
Order backlog of the Group as of September 30, 2010 amounted to €5,477.6m, thus increasing compared to the reference value as of September 30, 2009 (€4,514.5m: +21.3%) and as of December 31, 2009 (€4,434.5m: +23.5%).
Earnings and profitability
Earnings (EBITA) of the Andritz Group in the third quarter of 2010 amounted to €67.0m (+47% vs. Q3 2009: €45.5m) and thus increased substantially more than sales.
As a result, profitability (EBITA margin) increased to 7.5% in the third quarter of 2010 (Q3 2009: 6.0%). The EBITA of the Group in Q1-Q3 of 2010 increased to €164.9m, a rise of around 62% compared to last year’s reference period, which was negatively impacted by restructuring measures in the second quarter (Q1-Q3 2009: €102.0m; €126.3m excluding restructuring measures).
The EBITA margin increased to 6.7% (Q1-Q3 2009: 4.4%; 5.4% excluding restructuring expenses).
Net income of the Group (excluding non-controlling interests) amounted to €114.6m during the first three quarters of 2010, thus nearly doubling compared to the reference figure for the previous year (Q1-Q3 2009: €59.6m).
Outlook for whole 2010
Andritz expects solid project activity to continue for the remaining months of the 2010 business year.
Based on the results for the first three quarters of 2010, the Group expects a slight rise in sales compared to the full year of 2009.
Cost savings resulting from the restructuring measures initiated in 2009 should have a positive impact on the net income.
The full financial report for the first three quarters of 2010 is also available as online version on Andritz' website