UPDATE 1-Finland's Wartsila sees quarterly profits fall, warns of weaker demand [Reuters]
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Source: Reuters
Finland's Wartsila sees quarterly profits fall, warns of weaker demand - Reuters 3 Min Read HELSINKI (Reuters) - Finland’s Wartsila Oyj ( WRT1V.HE ) missed second-quarter forecasts on Thursday and warned that it expected demand to weaken for both its marine and energy businesses, sending shares in the engineering firm to a three-year low. Comparable operating profit in April-June fell to 113 million euros ($127 million) from 123 million euros a year earlier and missed the 132 million euro forecast by analysts in a poll. Sales fell to 1.22 billion euros from 1.25 billion euros and missed the 1.37 billion euros forecast by analysts. It shares were 10% lower at 11.23 euros by 0845 GMT, down almost 20% in the past year to their lowest since June 2016. Citi analysts said sales at the energy business unit were “the standout disappointment in the quarter” and said they expected double-digit cuts to consensus estimates to reflect the downgrade to the outlook and the second quarter earnings
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