04 maj: MARKET COMMENT: Europe Stocks Tumble On Weak US Jobs Data
04 maj: CORRECT: TransCanada Submits Keystone XL Application To State Dep..
04-05-2012 18:40:00

UPDATE: Alstom's Outlook Leaves Trains-to-Turbine Maker's Investors Cold

Relateret indhold
03 apr - 
Verdens største virksomhed

-Alstom disappoints with 3-year sales and operating margin guidance

-Alstom shares fall 4.5%

-Alstom's orders rose 14% in the year through March

-Alstom's sales fell 5% in year to end-March while net profit rose 58%

(Rewrites, adds detail, background throughout)

By Inti Landauro

Of DOW JONES NEWSWIRES

PARIS -(Dow Jones)- Alstom SA (ALO.FR), the French engineering group best known as a maker of high-speed trains and heavy-duty power equipment, Friday said it expects only modest rises in revenue and profitability over the next three years despite a bulging order book. The news left investors cold.

Alstom said it expects revenue will rise 5% a year over the next three years after falling 5% in the year ending in March 2012. The company said its operating margin will rise by just 0.9 percentage point over the same period to 8%.

That's well below the profitability of comparable businesses at its nearest rivals like General Electric Co. (GE), Switzerland's ABB Ltd. (ABB.SK) and Siemens AG (SIE.XE). The German industrial giant's conventional power-generation business has an operating profit margin of around 18% compared with Alstom's equivalent power unit's 9.7% margin.

Alstom, 30.7%-owned by French family-controlled conglomerate Bouygues SA (EN.FR), reported a 14% rise in orders in the year to March 31 to EUR21.71 billion. Alstom's order backlog reached EUR49.27 billion at the end of March, up from EUR47.38 billion three months earlier, due largely to strong demand in emerging markets for its power equipment.

"The Group achieved a solid commercial performance, illustrated by a book-to-bill ratio above one for every quarter of the fiscal year," said Chief Executive Patrick Kron.

But given the order backlog, the company's guidance is a bit disappointing, David Vos, analyst at Sanford C. Bernstein said. Management is perhaps just being extra cautious, Vos said. "I think they don't want to over promise and then under deliver."

Alstom shares closed 4.3% lower at EUR26.27, faring worse than the Paris bourse's benchmark CAC-40 index which was down 1.9%.

Alstom's net profit rose 58% to EUR732 million in the year to end-March as there was no repeat of restructuring costs that weighed down the previous year's performance but that was below the EUR817 million median expectation of analysts polled by data provider FactSet. Revenue fell 5% to EUR19.93 billion. Operating profit fell 10% to EUR1.41 billion.

Revenue from Alstom's thermal power fell 10%, while sales of Alstom's train division fell 8%. These declines were partly offset by rising revenues at its wind turbine and power-grid businesses.

Alstom's performance reflects the lagged impact of the financial crisis on its earnings due to the time it takes to build railroads and power plants. Several projects were put on hold in late 2008 and 2009 in rich countries, hitting Alstom's orders at a time when it was still benefiting from business signed before the crisis struck. Only recently has demand taken off again, mostly in emerging markets which now represent 60% of Alstom's orders.

Though Alstom's outlook wasn't particularly inspiring, the year to end-March does looks like the trough in its business cycle, Alfred Glaser, analyst at French brokerage house Cheuvreux.

-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740; inti.landauro@dowjones.com

Order free Annual Report for Siemens AG

Visit http://djnweurope.ar.wilink.com/?ticker=DE0007236101 or call +44 (0)208 391 6028

Order free Annual Report for Bouygues SA

Visit http://djnweurope.ar.wilink.com/?ticker=FR0000120503 or call +44 (0)208 391 6028

Order free Annual Report for General Electric Co.

Visit http://djnweurope.ar.wilink.com/?ticker=US3696041033 or call +44 (0)208 391 6028

(END) Dow Jones Newswires

May 04, 2012 12:40 ET (16:40 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Aktier/middag: Novozymes toppper i Europa

23-10-2014 11:39:56
Efter en lidt skidt start på dagen genfandt det danske aktiemarked i løbet af torsdag formiddag de seneste dages positive momentum. Fremgangen er i høj grad dre..

Aktier/tendens: Novozymes og OW Bunker løber med overskrifterne

23-10-2014 08:29:24
Torsdag morgens regnskaber stikker i to retninger. Novozymes har opjusteret og endnu en gang præsteret pænt, mens OW Bunker formentlig står til en ny tur i skam..

Høreapparater/Bernstein: Siemens-køb muligt for både GN og WDH

22-10-2014 16:40:02
Det er ikke helt utænkeligt, at en af de to store danske høreapparatproducenter, William Demant Holding og GN Resound, vil kunne absorbere et opkøb af tyske Sie..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Vestas/Danske: Ser god fremtid selv uden PTC
2
Vestas: HSBC skifter holdning og anbefaler "overvægt"
3
Al-Qaeda blæser til kamp mod vestlige olietankere
4
Europa/aktier: U-vending sikrede plus på stor regnskabsdag
5
Onsdagens aktier: Bavarian blæste til vejrs på partneraftale

Relaterede aktiekurser

ABB Ltd N 20,32 0,3% Stigning i aktiekurs
Alstom 26,56 0,6% Stigning i aktiekurs
Bouygues 25,99 0,8% Stigning i aktiekurs
ABB Ltd 21,09 0,0% Aktiekurs uændret
General Electric Co 25,19 0,0% Aktiekurs uændret
ABB Ltd 154,90 0,1% Stigning i aktiekurs
Siemens N 103,60 -0,3% Fald i aktiekurs
Siemens 86,43 1,3% Stigning i aktiekurs
GEN Elec 24,10 0,0% Aktiekurs uændret
Gen.Electric COM STK USD.. 20,04 5,5% Stigning i aktiekurs
General Electric 20,08 0,0% Aktiekurs uændret

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen
Sælg

Relaterede selskaber
Få adgang til information og anbefalinger af relaterede selskaber med PLUS pakken.

Du får adgang til 7 værdifulde investorværktøjer til investering.

Klik her og læs mere om PLUS pakken.
Euroinvestor i andre lande: Euroinvestor.com | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
23. oktober 2014 12:07:20
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20141015.1 - EUROWEB7 - 2014-10-23 12:07:20 - 2014-10-23 12:07:20 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x