Alstom Says Quarterly Orders Slump Doesn’t Reflect Pipelineby
Orders plunged 55% as no major projects booked in period
Sales increased 9% to EU1.7 billion, in line with estimates
Alstom SA said it booked an “exceptionally low level” of first-quarter orders due to a temporary gap in the pipeline of projects that’s set to be replenished by work on Dubai’s metro and regional trains for Italy.
Orders in the three months through June sank 55 percent to 889 million euros ($984 million), the Levallois-Perret, France-based company said in a statement Wednesday. There were no orders valued above 100 million euros. Sales advanced 9 percent to 1.75 billion euros, in line with estimates.
“The low level of orders does not reflect the commercial activity that has been very strong and should translate into orders in coming quarters,” Chief Executive Officer Henri Poupart-Lafarge said. “For example, the projects for the extension of the Dubai metro or for regional trains for Italy recently announced have not yet been booked.”