First publishedon www.AggBusiness.com
saw its order intake increase by 30% year-on-year to total €817 million in Q3 2017. The Finnish global quarrying and mining equipment manufacturing giant saw its quarterly services orders also rise 15% to €486 million. Metso equipment sales increased 5% to €673 million, while services’ sales increased 7% to €440 million. The company’s operating profit (EBIT) in Q3 2017 totalled €39.4 million.
Metso says the global market outlook for the next six months is stable in both the Minerals equipment and services sector and for Flow Control equipment and services.
Metso president and CEO Nico Delvaux said: “Our order intake was good in the third quarter, growing 30% year-on-year. Even when excluding the large mining equipment order booked during the quarter, we saw a healthy order increase across our businesses, which is reflective of the current market situation. However, our performance during the quarter was clearly not satisfactory. Especially disappointing was that we needed to book €33 million for cost overruns and write-downs related to mining projects in the backlog. Going forward, we will need to focus on our delivery capability and improve our operational excellence.
“Since I took over as president and CEO at the beginning of August, we have been making some changes to our organisation and to the way we operate. Our aim is to improve the accountability of our businesses and to speed up decision-making, the implementation of our growth plans, and our response to market changes. I am convinced that these changes will help us to get the most out of the improved market conditions and deliver profitable growth going forward.”