Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on WARTSILA OYJ ABP. We currently have 7 research reports from 1 professional analysts.
|09Feb17 07:01||GNW||Wärtsilä Corporation's Annual Report 2016 published|
|27Jan17 06:30||GNW||WÄRTSILÄ'S FINANCIAL STATEMENTS BULLETIN JANUARY-DECEMBER 2016|
|15Dec16 14:30||GNW||Notification in accordance with the Finnish Securities Market Act Chapter 9 § 5: BlackRock Investment Management (UK) Limited decreased holding in Wärtsilä Corporation|
|14Dec16 15:15||GNW||Wärtsilä's disclosure policy updated|
|25Oct16 06:30||GNW||WÄRTSILÄ INTERIM REPORT JANUARY-SEPTEMBER 2016|
|12Oct16 15:15||GNW||Wärtsilä estimates net sales and profitability for 2016 to be lower than previously expected|
|11Oct16 08:30||GNW||Wärtsilä's Interim Report January-September 2016 to be published 25 October 2016 at 8.30 a.m. local time|
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WARTSILA OYJ ABP
WARTSILA OYJ ABP
Strong execution in Q4 16 and improving prospects for Energy Solutions
27 Jan 17
Wärtsilä reported strong Q4 16 results despite subdued revenue. Main facts: - Order intake declined 6% to €1,324m with a mixed picture (Energy solution +37% and Marine Solutions -45% yoy). - Q4 revenue declined 2% yoy to €1,559m. - Book-to-bill still weak at 0.85x. - Comparable operating result improved to €253m, or 16.3% of revenue (versus €215m or 13.5%), a record high. - Earnings per share increased to €0.87 (€0.79). - Cash flow from operating activities increased to €235m (€176m), above expectations. As of 2017, Wärtsilä has changed its guidance policy to be consistent with general industry practice. The overall demand for Wärtsilä’s services and solutions in 2017 is expected to be relatively unchanged from the previous year. Demand by business area is anticipated to develop as follows: - Solid in Services with growth opportunities in selected regions and segments. - Solid in Energy Solutions, thanks to growth in electricity demand in the emerging markets and the global shift towards renewable energy sources, which will support the need for distributed, flexible, gas-fired power generation. - Soft in Marine Solutions. Although the outlook for the cruise and ferry segment is positive, the merchant, gas carrier, and offshore segments continue to suffer from overcapacity, slow trade growth and customers’ financial constraints. The Board of Directors proposes that a dividend of €1.30 per share be paid for the financial year 2016, paid in two instalments.
FY16 guidance finally revised downward
26 Oct 16
Wärtsilä reported its Q3 16 results, which showed weak sales and margins leading to a warning for the FY16 targets. Orders were the only positive in this Q3 16 report, showing a +5% increase yoy at €1139m and reflecting an improvement in demand for Energy solutions and despite weaker demand for Marine solutions. Net sales decreased by 12% to €1,079m (versus €1,222m) including -27% yoy for Energy solutions and -13% yoy for Marine solutions. The operating result was €123m, corresponding to an 11.4% margin (versus €160m, or 13.1% of sales, in Q3 15) was impacted by lower volumes. EPS was €0.43 (versus €0.49 in Q3 15) and cash flow from operations was €189m (versus €-5m in Q3 15). The company revised its FY16 guidance and now expects its revenues to decline by c.5% (versus growth between 0% to +5%) and profitability at around 12% versus between 12.5% and 13%.
FY16 guidance now clearly at risk
20 Jul 16
Wärtsilä reported its Q2 16 results. Main facts: Order intake solid but a clear miss on the EBIT margin. > H1 16 revenues (€2,163m; -€55m lfl or -2% reported) > H1 16 operating result (€179m; -€58m lfl or -24% reported and -€31m at cc or -13%) > H1 16 cash flow from operations multiplied by 2.25x. > Q2 order intake was €1,194m vs €1,159m; +3% lfl > The comparable operating result reached €122m, or 10.2% of net sales (versus €137m, or 11.1%). The company confirmed it expects net sales to grow by 0-5%, and profitability to be 12.5-13.0%.
A low start to the year
21 Apr 16
Main facts: Q1 16 sales reached €967m, down 2% yoy and below market expectations of €1.07bn, as Energy Solutions decreased 27% yoy, while Marine was up 4% yoy and Services was up only 3% due to the challenging comparison basis. Q1 16 order intake declined 1% yoy to €1.27bn. Comparable operating result reached €84m, or 8.7% of sales (€100m or 10.1% in Q1 15). EPS was €0.30 (versus €0.43). 2016 outlook was unchanged as the company sees sales growth of 0-5%, and the EBIT margin ex-items at 12.5-13.0%. Wartsila is to restructure the Marine and Energy businesses and expects ~600 job cuts, seeking annual savings of ~€40m.
Mixed Q416 figures points to flat future
29 Jan 16
With revenue growth of 5%, Wärtsilä's top line reached €5.029m in 2015, while the order intake was €4.932m, -3% yoy including -22% for Energy Solutions and -8% for Marine Solutions, partly offset by a +33% increase in Services. This led to a Book-to bill ratio of 0.98x pointing to a flat outlook. The order book however increased by +8% to €4.882m. The operating result before non-recurring items was €612m corresponding to a 12.2% margin, up by 30bp from last year (11.9%). The EPS was €2.25 also up by 28% yoy. For the Q415 alone, orders decreased by 8%, with -27% in Energy solutions while Marine proved more resilient at +1% and Services posted +2% growth with the same pattern in Q415 revenues but, however, showing an overall a +3% increase yoy (-14% in Energy Solutions, +8% in Marine and +10% in Services) leading to a 13.5% operating profitability. In 2016, Wärtsilä expects its net sales to grow by 0-5% and its operating profitability (EBIT % before non-recurring items) to be 12.5-13%.
Demand continues to weaken, but strong margins so far
26 Oct 15
Wärtsilä reported a weak order intake for Q3 15 to €1,086m (-17% yoy), led by very soft demand in the power division at €167m (-56% yoy) citing increasing competition, while Marine solutions decreased 12% to €407m and services increased 10% to €511m, including a 5-year maintenance agreement with Teck Alaska Inc. for its power plant in Alaska. This led to a book-to-bill ratio below 1x at 0.89x. Revenues increased 9% to €1,222m (versus €1,117m), led by the aftermarket and the integration of L-3 Marine Systems while the EBITA margin reached €170m or 13.9% of sales, a satisfactory level in comparison with last year (€149m or 13.3%). This led to a €0.49 EPS (vs €0.43 last year). The cash flow from operating activities was €-5m (vs +68m in Q3 14) as increased receivables weigh. The company confirmed its FY15 guidance for sales to grow by 5-10% and EBIT to be 12-12.5%, while noting the competition in the power generation markets is increasing, and the current macro-economic uncertainty continues to cause delays in customer decision-making.
21 Feb 17
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Time to go over weight
24 Feb 17
We believe equity investors are taking an unnecessarily cautious stance on the construction sector. Forward looking indicators (e.g. consumer confidence, construction PMIs and housing starts) point to a stable market and recent sales LFL are particularly encouraging (e.g. Marshalls). Near term margins may suffer temporary distortions as inflationary pressures build. However, history has shown that modest input cost inflation is actually a positive for earnings growth in the sector. Therefore, as we move into 2018, margin trends are likely to surprise on the upside.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
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N+1 Singer - Morning Song 23-02-2017
23 Feb 17
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N+1 Singer - Morning Song 21-02-2017
21 Feb 17
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