Andritz AG reported full-year profit rose 27 percent after the world’s No. 2 maker of hydropower turbines benefited from strong sales in its paper and metals divisions.
Net income rose to 267.7 million euros ($293 million) from 211 million euros a year earlier, Andritz said in a statement Friday. Sales climbed 9 percent to a record 6.38 billion euros. Profit met analysts’ expectations, according to data compiled by Bloomberg.
Low electricity and energy prices continued to pressure the hydropower business, the Graz, Austria-based company said. Order intakes fell a fourth consecutive year to 1.72 billion euros. Orders for pulp and paper machinery, Andritz’s biggest unit, rose 13 percent to 2.26 billion euros.
Management raised the 2015 dividend to 1.35 euros a share from 1 euro, and said it “expects to see a satisfactory business development” in 2016.