Wärtsilä’s share price dropped >7% as the group reported Q3 FY22 results with a beat on net sales and order intake but a miss on profitability. Cost inflation, a less favourable sales mix and higher sales volumes for the (loss making) storage business weighed on the comparable operating profit. As expected, Q4 demand is anticipated to be weaker than a year ago due to the tough comparables. We will revise our estimates down to incorporate the weak performance.
