Metso’s Order Growth and Profitability in 2Q Fell Short of Market Expectations; Shares Overvalued
Metso's second-quarter reported sales (up 1%) and profitability (adjusted EBITA margin decreased to 10.4% from 11.5% last year) were in line with our expectations but significantly below market expectations. After Metso’s strong first quarter, in which the firm returned to growth largely due to increased flow control service activity in its main markets--oil and gas, and pulp and paper--we expressed our belief in increased demand for wears, spares, engineered services, and mineral equipment lead...Metso is a global services, products and systems provider. Co. serves its customers in mining, oil and gas as well as aggregates industries. Co. serves also some other process industries, such as pulp and paper industry. Co.'s offerings to the mining industry include grinding mills, mill linings and grinding media; as well as crushers and screens. Co.'s offerings to the aggregates industry include crushers; as well as screens, feeders and conveyors. Co.'s offerings to the oil and gas industry include control valves, on-off valves; intelligent safety valves; intelligent valve controllers and limit switches; intelligent field services; spare and wear parts; as well as performance services.
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