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[August 2007]
Another Strong Quarter for Metso
"The second quarter was another strong quarter for Metso,” said President and CEO Jorma Eloranta. “We saw brisk order intake in all our main businesses and our order backlog strengthened to an all-time-high level. This, together with the continuing favorable market outlook, gives us exceptionally good visibility not only for the current year but also for 2008."Eloranta said that Metso's second quarter financial performance was a substantial improvement on the seasonally low first quarter. "The growth in net sales was healthy both in Metso Minerals and Metso Automation, which delivered strong organic growth of more than 20 percent. I am also pleased with our second-quarter operating profit driven by strong volumes, which set a new quarterly record for Metso. Our free cash flow during the second quarter was negative mainly because of volume driven increase in receivables at the end of June. I consider this to be primarily a timing issue related to project deliveries," explained Eloranta.
Eloranta said that Metso's main operational priority was to ensure that the delivery capability continued to meet robust demand and healthy growth rates and competitiveness was sustained. "We are implementing various expansion programs to enhance our delivery capability and have increased our capital expenditure plans for 2007 to this end. We are also continuing our concerted efforts to develop our aftermarket operations, strengthen our global presence and to evaluate complementary acquisition candidates to accelerate Metso's growth even further," concluded Eloranta.
Metso is a global engineering and technology corporation with 2006 net sales of approximately €5 billion. Its 26,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries.
www.metso.com
ENDS