Alstom Reports Flat Sales Growth and Lower Order Intake in 1Q; Shares Fairly Valued
No-moat Alstom reported no surprises in its first-quarter results, with flat year-over-year revenue and a 39% decline in orders. Revenue was up 2% on a reported basis and 1% organically to EUR 2.1 billion, driven mainly by regional train contracts and the Amtrak contract in the United States. The systems division's decrease in revenue was offset by good performance in rolling stock and signaling. The main orders during the quarter include close to 50 Coradia trains for several European countries...Alstom serves the power generation and transmission markets, and rail transport market. Co.'s activities are divided into four sectors: the Thermal Power Sector (Co. offers power generation solutions using gas or coal to services including plant modernization, maintenance and operational support); the Renewable Power sector offers EPC solutions, turbines and generators, control equipment and maintenance for Hydropower and Wind power activities; the Grid Sector designs and manufactures equipment and turnkey solutions to manage power grids and transmit electricity from the power plant to the large end-user; and the Transport Sector provides rail transport products, systems and services.
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