Outotec posts €41.6 million profit in 2010, optimistic on 2011

Tuesday, 08 February 2011 10:01:09 (GMT+3)   |  
       

On February 8, Finnish mining and metal manufacturing equipment provider Outotec issued its financial results for the last quarter and whole year of 2010, stating that the company has met its financial targets for the year.

According to the financial results, the operating profit of Outotec was €28.1 million in the last quarter of 2010, compared with an operating profit of €13.3 million in the last quarter of 2009, increasing 111 percent. Sales revenues in the period in question rose 50.3 percent year on year from €219.8 million, to €330.3 million. The company's order intake was €356.6 million in the last quarter of 2010, increasing 222.7 percent compared to €110.5 million in the same period of the previous year.

Meanwhile, in 2010, the operating profit of Outotec was €41.6 million, compared with an operating profit of €58.6 million in 2009, decreasing 29.1 percent. Sales revenues in the year rose 10.5 percent year on year from €877.7 million to €969.6 million. The company's 2010 order intake was €1.39 billion, increasing 150.4 percent compared to €557.1 million in 2009.

Commenting on the full year results, Outotec president and CEO Pertti Korhonen said, "Thanks to excellent order intake, solid project execution, strong services business growth and cost efficiency improvement measures, we achieved the targets that we had set for 2010. The growing demand for metals and materials to meet the needs of the emerging economies drove companies to invest in new technologies and services."

Based on a strong opening order backlog and active market, in 2011 Outotec expects order intake to continue to grow, sales to be at approximately €1.25-1.35 billion, and operating profit margin from business operations to improve approximately 8-9 percent.