Financials
Metso Outotec Q1 profit beats forecast on aggregates lift
Adds quotes, details on aggregates
April 23 (Reuters) – Finland’s Metso Outotec MOCORP.HE reported a bigger than expected jump in first-quarter profit on Friday on recovering demand especially for its aggregates business and cost savings from last year’s merger that created the mining equipment firm.
The company, which joined Outotec with the main business of Metso, said operating profit rose to 91 million euros ($109 million) from 68 million, beating the 84.5 million in a Refinitiv poll of analysts.
“Our orders received increased 2% during the quarter, which was largely driven by a strong demand in the aggregates market. In addition, both the Minerals and Metals segments have seen overall customer activity improving,” the firm said.
The aggregates unit, which offers products like crushers, screens and feeders, saw its quarterly operating profit jumping to 33 million euros from 13 million a year earlier.
“Customer activity in the equipment business was strong during the quarter. The most active market area was Europe, with strong growth also in North America,” it said in a statement.
($1 = 0.8317 euros)
