Metso Releases First Quarter Review

New orders for Metso Corp. worth EUR 942 million were received in January-March (EUR 1,509 million in Q1/08), i.e. 38% less than in the comparison period. At the end of March, the order backlog was 4% lower than at the end of December 2008, amounting to EUR 3,934 million (EUR 4,088 million at December 31, 2008). Net sales decreased by 13%, standing at EUR 1,220 million (EUR 1,400 million in Q1/08). Earnings before interest, tax and amortization (EBITA) were EUR 68.8 million, i.e. 5.6% of net sales (EUR 133.7 million and 9.6% in Q1/08). Operating profit (EBIT) was EUR 58.6 million, i.e. 4.8% of net sales (EUR 119.6 million and 8.5% in Q1/08). Earnings before interest, tax and amortization (EBITA) and operating profit (EBIT) include EUR 22 million of non-recurring expenses relating to capacity adjustment measures. Earnings per share were EUR 0.18 (EUR 0.55 in Q1/08). Free cash flow was EUR 120 million positive (EUR 99 million negative in Q1/08). Return on capital employed (ROCE) before taxes was 9.0% (20.9% in Q1/08). More…