FLSmidth reported Q4 18 results which were rather disappointing. Q4 18 orders reached DKK4,503m, -7% yoy led by a decline in cement (-32% yoy). Q4 18 sales reached DKK5,450m, +10% growth yoy. Q4 18 EBIT was DKK419m, corresponding to a 7.7% margin Q4 18 FCF was DKK46m versus DKK602m last year. For 2019, FLS expects revenues of DKK19-21bn (versus DDK18.8bn in 2018) and an EBITA margin of 9-10% (2018: 8.5%).
