Metso reports 18% rise in sales
By Leila Steed20 July 2023
Equipment manufacturer Metso has published its 2023 half-year financial results, reporting an 18% year-on-year rise in sales for the first six months of the year.
Across all of its business segments the Finland-based company brought in €2.90 billion (US$3.22 billion), compared to €2.49 billion (US$2.77 billion) for the same period in 2022.
Despite a 3% year-on-year decline in orders received, which totalled €2.93 billion (US$3.26 billion), Pekka Vauramo, Metso President and CEO, said: “We performed well in the second quarter with the Group’s profitability reaching its highest level to date, driven by a continued improvement in the Minerals segment and solid performances in Aggregates and Metals.
“In addition, we made good progress in several key areas, such as launching new solutions for battery metals processing and investing in our capacity around the world.”
Looking at its Aggregates business segment, the first half of 2023 saw the company’s year-on-year sales increase by 8% to €749 million (US$833 million) - a figure that Metso attributes to the “successful execution of the backlog”, although orders received declined by 7% to €709 million (US$789 million).
Compared to the first quarter of the year, the company said the past three months had seen “softer” activity in the aggregates sector. While its Aggregates segment figures showed stable activity in the North American market and rising activity in other markets, Metso described activity in the European market as “soft, especially in Northern Europe”.
The company’s financial report states: “As a result of lower demand for new equipment and lower utilization of the existing fleet in Europe, equipment orders were -8% and services orders -11% year-on-year.”
Pekka said that the market activity was in line with the company’s previous expectations and that, looking ahead, it expects “market activity to remain at the current level in Minerals and to slightly decline in Aggregates”.