March 1 (Bloomberg) -- Andritz AG, the world’s second-biggest builder of hydropower plants, fell in Vienna trading on “weak” order intake in the fourth quarter.
Shares slumped 2.1 percent, the biggest decline since January, to 72.86 euros at the 5:30 p.m. close of trading in the Austrian capital.
“Good execution but where are the orders?” Berenberg analysts Stephan Klepp and Dominik Podewils wrote in a note to customers.
Order intake at the Graz-based company declined 9.8 percent to 808 million euros ($1.08 billion) in the three months through December, Andritz said in a statement today. Compared with the average level of orders in the previous nine months of 1.6 billion euros, “the fourth quarter’s order intake is only 49 percent of the average level of the prior three quarters and represents a significant deterioration,” the analyst said.
Full-year net income increased 28.5 percent to 230.7 million euros from 179.6 million euros in 2010. It was expected to report a profit of 223 million euros, according to nine analyst estimates collected by Bloomberg. Sales increased 29.3 percent to 4.6 billion euros.
Andritz said it expects an increase in sales and net income this year compared to 2011. It’s proposing an increase of its dividend to 2.2 euros per share from 1.7 euros last year.
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