Alfa Laval Profit Beats Estimates as Energy Industry Orders RiseNatasha Doff
Alfa Laval, the world’s biggest maker of heat exchangers, posted third-quarter profit that beat analysts’ estimates as orders increased from the energy industry.
Net income fell to 818 million kronor ($129 million) from 847 million kronor a year earlier, the Lund, Sweden-based company said in a statement today. Analysts on average predicted profit of 761 million kronor, based on 12 estimates compiled by Bloomberg. Sales rose 2.2 percent to 7.20 billion kronor.
``Process technology achieved a record quarter, driven by energy and environment and process industry,'' Chief Executive Lars Renstrom said.
Orders in the oil and gas sector helped to push growth in the U.S. and South America, which together made up more than 20 percent of the company’s revenue in 2012. Group order intake gained about 2 percent from a year earlier and Renstrom said he expects demand to remain at about the same level in the fourth quarter, compared with the previous three months.
Alfa Laval makes gear for cleaning wastewater and purifying ballast water as well as scrubbers that clean sulfur emissions on ships. It established a separate marine and diesel division last year after adding Aalborg Industries of Denmark in December 2010.