Helsinki - Finnish ship technology and power-plant maker Wartsila reported on Thursday lower-than-expected quarterly profit, burdened by slower demand.
Wartsila shares hit a 7-year low back in October after the company had warned of a tough outlook for 2020 for its ship technology and power plants.
Earnings per share fell to 0.17 euros compared to 0.25 euros a year ago, below the profit of 0.28 euros expected by analysts in a Refinitiv poll.
Wartsila reiterated demand looked soft in 2020 for both its marine and energy businesses.
“The year 2019 was characterised by a difficult demand environment and poor financial performance. Although the increase in both marine equipment deliveries and service volumes resulted in stable net sales for the group, our operating result was well below the previous year," said Jaakko Eskola, Wartsila's president and ceo. "The decline in energy deliveries and the impact of the Industrial Union’s three-day strike in Finland during December further burdened our operating result."