Wärtsilä’s Q2 results were in line with the street’s expectations. However, management’s guidance of uncertain outlook (amid prevailing operating environment), increase in taxes and higher-than-expected one-off costs weighed on the share price today (down c.2% at the time of writing). Improving activity levels and soft comparables resulted in the order intake coming in higher yoy, while profitability was supported by a favourable sales mix (skewed towards services). We will tweak our estimates t ....
