Andritz Soars as First-Quarter Profit Beats Estimates
Andritz AG (ANDR) soared in Vienna trading after the the world’s second biggest hydropower-turbine maker beat profit and sales estimates in the first quarter.
Shares rose 3.5 percent to 40 euros at the 5:30 p.m. close in the Austrian capital, after rising to 41.045 euros earlier in the day, Andritz’s highest level ever. The company has advanced 25 percent this year, giving it a market valuation of 4.16 billion euros ($5.45 billion).
Andritz said today that net income rose 37 percent to 50.5 million euros after sales jumped 28 percent to 1.19 billion euros. Analysts had forecast net income of 45.3 million euros on 1.05 billion euros revenue, according to estimates collected by Bloomberg.
Full-year profit and sales will be higher than in 2011, Andritz said in the statement.
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