Alfa Laval: 'stable' performance in first quarter
(CercleFinance.com) - Swedish engineering group Alfa Laval said on Thursday that its financial performance has been fairly stable in the first quarter as deliveries to customers have continued with "limited" disturbances.
Net sales from 1 January to 31 March rose by 2% to 10.6 billion Swedish kronor, the company said, even though order bookings fell to 11.9 billion Swedish kronor, from 12.2 billion Swedish kronor a year ago.
Earnings before interest, tax, amortisation and other items (adjusted EBITA) edged up to 1.75 billion Swedish kronor from 1.72 billion Swedish kronor a year ago, it added.
In its statement, Alfa Laval said that the current economic crisis is expected to have a negative impact on its results as from the second quarter.
The company said that it is braced for the downturn, having launched a cost reduction program of 1 billion Swedish kronor and having also secured its long-term financing.
Its shares are currently down 1.8% on the Stockholm Stock Exchange.
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