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International technology Group #Andritz showed solid business development in the third quarter of 2020 in spite of the unchanged, difficult overall economic environment.
Order intake reached a high level at slightly more than 1.7 billion euros, with several important reference orders secured in all business areas. Although sales declined slightly compared to the previous year’s reference period, the operating result (EBITA) excluding extraordinary effects (provisions for capacity adjustments) and profitability increased significantly compared to 2019.
Wolfgang Leitner, CEO of #Andritz AG: “We are very pleased with business development in the first three quarters. Thanks to the great commitment by our employees around the world in conjunction with cost discipline, we have been able to master the many challenges caused by the COVID-19 crisis very well so far. We will also continue our endeavors to cushion the effects of the global economic crisis as best possible and ensure our long-term competitive position”.
The Group’s financial key figures:
OUTLOOK
In view of the favorable earnings development in the first three quarters and on the basis of the current order backlog, #Andritz now expects approximately the same level of profitability (EBITA margin) excluding extraordinary effects (provisions for capacity adjustments) for the entire year 2020 from today’s perspective (EBITA margin 2019 excluding extraordinary effects: 6.8%). Profitability including extraordinary effects (EBITA margin reported for 2020) is expected to remain stable or increase slightly from today’s perspective compared to the previous year (EBITA margin reported for 2019: 5.1%).
The guidance provided for revenue development published with the results for the second quarter of 2020 remains unchanged. From today’s perspective, #Andritz expects slightly lower revenue for the 2020 business year compared to 2019 (6,674 MEUR).
However, if the infection rates continue to rise worldwide in the coming weeks and months and additional countries or regions impose lockdowns, this could have negative effects on the processing of orders and on order intake and hence, a negative effect on ANDRITZ’s financial development. In addition to the provisions for capacity adjustments considered in the fourth quarter of 2020 and in the above guidance, this could create a need for further financial provisions for additional adjustments in individual business areas that could have a negative effect on the earnings of the #Andritz GROUP.
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