- Email: [email protected]
Alfa Laval AB, Sweden
COMPANY WATCH
Alfa Laval AB, Sweden
Curtiss-Wright Corp, USA
Key Figures (SEK million) Fourth quarter ended 31.12 2012
2011
Key Figures (US$ million) Three months ended 31.12 2012
2011
Order Intake
7252
6774
590.4
550.5
Net Sales
8119
8149
Cost of Goods Sold
5236
5177
Gross Profit
2883
2972
209
175
1141
1188
902
934
R&D Costs Operating Income Net Income
Net Sales Of Which: Flow Control
317.2
289.8
Operating Income Of Which: Flow Control
62.0
56.2
40.4
33.4
Net Earnings
38.5
38.2
2012
2011
2097.7
2016.7
1095.3
1060.8
Operating Income Of Which: Flow Control
161.4
186.9
78.8
103.4
Net Earnings
113.8
126.4
Year ended 31.12 Year ended 31.12 2012
2011
Order Intake
30 339
28 861
Net Sales
29 813
28 652
Cost of Goods Sold
19 169
17 829
Gross Profit
10 644
10 823
R&D Costs
707
648
Operating Income
4372
4691
Net Income
3207
3251
Net Sales Of Which: Flow Control
COMMENT COMMENT Swedish engineering group Alfa Laval has posted fourth quarter fiscal 2012 sales of SEK8119 million, down marginally on the year earlier. Net income also fell, dropping 3.4% to SEK902 million, although order intake increased 7.1% to SEK7252 million. Lars Renström, Alfa Laval’s president and CEO, said demand in the company’s Process Technology division remained at a similar level to the third quarter, with progress particularly pleasing within its Process Industry and Food Technology business units. He said the Equipment division also had a good quarter with unchanged order intake. In contrast, Renström said the Marine & Diesel division
February 2013
saw sales decline, with growth in its after sales business unable to compensate for lower capital sales. In terms of geography, Alfa Laval saw good growth in Western Europe, including the Nordic countries. Order intake was generally good in Asia, although subdued in China. Significant orders for the quarter included Alfa Laval’s first commercial order from MAN Diesel & Turbo for the supply of its PureNOx water treatment systems. “We expect that demand during the first quarter 2013 will be on about the same level as in the fourth quarter,” Renström added. ■ www.alfalaval.com
Curtiss-Wright Corp’s fourth quarter 2012 sales of US$590 million were up US$40 million, or 7%, on a year earlier. Sales increased in all three segments, with a 9% gain in Flow Control. The US$27 million increase in Flow Control’s fourth quarter sales to US$317 million reflects acquisitions as well as strength in a number of commercial markets. Within the power generation market, Flow Control’s sales rose 47% due to strong aftermarket sales supporting existing nuclear reactors and higher revenues from the China and US AP1000 programs. Sales to the oil & gas market increased slightly in the fourth quarter, as higher MRO and petrochemical sales, along with the benefit from the recent acquisition of Cimarron Energy, offset continued softness in the international large projects business. Elsewhere, general industrial
sales were 18% lower in the quarter, mainly due to slower orders from global commercial heating, ventilation, and air conditioning customers due to slowing economic conditions. The 10% increase in Curtiss-Wright’s fourth quarter operating income to US$62 million was mainly driven by a strong 21% improvement in the Flow Control segment, based on the solid performance in the power generation market, due to improved profitability on the company’s AP1000 technology transfer contract in China. “While 2012 was a challenging year for Curtiss-Wright, we continue to transform the business for long-term, profitable growth and remain focused on generating shareholder value with an optimistic outlook heading into 2013,” said Martin Benante, chairman and CEO of Curtiss-Wright. ■ www.curtisswright.com
Pump Industry Analyst
7
Alfa Laval AB, Sweden
Curtiss-Wright Corp, USA
Key Figures (SEK million) Fourth quarter ended 31.12 2012
2011
Key Figures (US$ million) Three months ended 31.12 2012
2011
Order Intake
7252
6774
590.4
550.5
Net Sales
8119
8149
Cost of Goods Sold
5236
5177
Gross Profit
2883
2972
209
175
1141
1188
902
934
R&D Costs Operating Income Net Income
Net Sales Of Which: Flow Control
317.2
289.8
Operating Income Of Which: Flow Control
62.0
56.2
40.4
33.4
Net Earnings
38.5
38.2
2012
2011
2097.7
2016.7
1095.3
1060.8
Operating Income Of Which: Flow Control
161.4
186.9
78.8
103.4
Net Earnings
113.8
126.4
Year ended 31.12 Year ended 31.12 2012
2011
Order Intake
30 339
28 861
Net Sales
29 813
28 652
Cost of Goods Sold
19 169
17 829
Gross Profit
10 644
10 823
R&D Costs
707
648
Operating Income
4372
4691
Net Income
3207
3251
Net Sales Of Which: Flow Control
COMMENT COMMENT Swedish engineering group Alfa Laval has posted fourth quarter fiscal 2012 sales of SEK8119 million, down marginally on the year earlier. Net income also fell, dropping 3.4% to SEK902 million, although order intake increased 7.1% to SEK7252 million. Lars Renström, Alfa Laval’s president and CEO, said demand in the company’s Process Technology division remained at a similar level to the third quarter, with progress particularly pleasing within its Process Industry and Food Technology business units. He said the Equipment division also had a good quarter with unchanged order intake. In contrast, Renström said the Marine & Diesel division
February 2013
saw sales decline, with growth in its after sales business unable to compensate for lower capital sales. In terms of geography, Alfa Laval saw good growth in Western Europe, including the Nordic countries. Order intake was generally good in Asia, although subdued in China. Significant orders for the quarter included Alfa Laval’s first commercial order from MAN Diesel & Turbo for the supply of its PureNOx water treatment systems. “We expect that demand during the first quarter 2013 will be on about the same level as in the fourth quarter,” Renström added. ■ www.alfalaval.com
Curtiss-Wright Corp’s fourth quarter 2012 sales of US$590 million were up US$40 million, or 7%, on a year earlier. Sales increased in all three segments, with a 9% gain in Flow Control. The US$27 million increase in Flow Control’s fourth quarter sales to US$317 million reflects acquisitions as well as strength in a number of commercial markets. Within the power generation market, Flow Control’s sales rose 47% due to strong aftermarket sales supporting existing nuclear reactors and higher revenues from the China and US AP1000 programs. Sales to the oil & gas market increased slightly in the fourth quarter, as higher MRO and petrochemical sales, along with the benefit from the recent acquisition of Cimarron Energy, offset continued softness in the international large projects business. Elsewhere, general industrial
sales were 18% lower in the quarter, mainly due to slower orders from global commercial heating, ventilation, and air conditioning customers due to slowing economic conditions. The 10% increase in Curtiss-Wright’s fourth quarter operating income to US$62 million was mainly driven by a strong 21% improvement in the Flow Control segment, based on the solid performance in the power generation market, due to improved profitability on the company’s AP1000 technology transfer contract in China. “While 2012 was a challenging year for Curtiss-Wright, we continue to transform the business for long-term, profitable growth and remain focused on generating shareholder value with an optimistic outlook heading into 2013,” said Martin Benante, chairman and CEO of Curtiss-Wright. ■ www.curtisswright.com
Pump Industry Analyst
7