2018 sales at Metso increased by 32% in constant currencies from the previous year.
The Finnish quarrying and mining equipment maker has issued a financial statements review covering the 2018 calandar year and the fourth quarter. The review states that market activity continued to be healthy in the fourth quarter of 2018. Sales in Q4 increased 23% in constant currencies.
Orders received by the company were up by in 2018 by 17% in 2018 to €3,499mn (€2,982mn in 2017).
Operating profit (EBIT) for 2018 totalled €351mn, or 11.1% of sales (€218mn, or 8.1% of sales in 2017).
Metso says that market activity in minerals is expected to continue to grow in both its equipment and services business. Activity in flow control is also expected to continue to grow in both equipment and services.
New president and CEO Pekka Vauramo, who took office in November, commented: “We had a strong fourth quarter. Orders received increased in both Minerals and Flow Control year-on-year and sequentially. Our top-line growth was also solid and resulted from improved delivery capability in all businesses. The sales mix continued to tilt towards higher share of equipment than services, which had an effect on our profitability. Most importantly, both our segments grew and improved their profitability year-on-year.
“Since joining Metso on November 1, I have been pleased to see the positive developments throughout the company during 2018. The organisational changes made have proven to support the implementation of Metso’s profitable growth strategy, and results can be seen in strong volume growth and improved performance across all our seven business areas.”
He added that, going forward, Metso is well placed to further improve its performance. “We are in a strong position to create value for customers, shareholders and other stakeholders,” said Vauramo.
This article first appeared in our sister title Aggregates Business.