Andritz Seen Cutting 2013 Dividend 58% After Profit WarningTodd White
Andritz AG, the world’s second-biggest maker of hydropower turbines, may cut its annual dividend by 58 percent after reducing its profit forecast last week, according to data compiled by Bloomberg.
The estimate was lowered to 50 euro cents (68 U.S. cents) a share from 1 euro by analysts at Bloomberg Dividend Forecasting. Andritz last paid 1.20 euros a share. With that estimate, its projected yield drops to 1.2 percent, below the 2.8 percent average of Bloomberg Europe 500 Machinery Index members.
The Graz, Austria-based company’s shares have lost almost 9 percent since it said Jan. 13 that rising provisions from delays at a South American pulp mill will hurt full-year earnings. The index gained 3.3 percent gain in the period.