Fewer Large Orders Sequentially in 3Q, but Fundamentals Intact; Shares Overvalued
Alfa Laval reported a mixed third quarter, with orders continuing the double-digit growth from earlier quarters and the EBIT margin expanding by 10 basis points year over year, but orders down sequentially for the first time since third-quarter 2016 and sales down by 5% year over year and 8% sequentially. We think much of the weakness on the order book was due to fewer large orders and therefore a temporary issue, as these can vary from quarter to quarter. The company's EBIT margin is tracking a...Alfa-Laval AB is a supplier of products and solutions in the technologies of heat transfer, separation and fluid handling. Co.'s equipment is used to heat, cool, separate and transport products in industries that produce food, beverages, fuel, chemicals, pharmaceuticals, starch, sugar and ethanol. They are also used aboard vessels, in power plants, in the engineering industry, for treating sludge and wastewater, for heating and cooling, and others. Co.'s products include: air heat exchangers, plate heat exchangers, shell-and-tube heat exchangers, thermal fluid systems, boilers, decanters, belt filter presses, high-speed separators, membrane filtration, pumps and valves, and tank equipment.
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