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Investing.com -- Sulzer released its first quarter results today, showing orders remained flat compared to the same period last year, with nominal growth at 0%.
The Swiss industrial engineering firm reported Q1 orders at CHF 1,020 million, falling short of the Average Wall Street Projection (AWP) consensus by 3%, which anticipated CHF 1,054 million. Despite the slight miss, the company’s stock saw a marginal increase as Sulzer maintained its full-year guidance.
Shares were largely unchanged in early morning trade.
In the first quarter, Sulzer’s order backlog increased to CHF 2.5 billion, up from CHF 2.3 billion at the end of the previous fiscal year and the first quarter of last year. The Flow Equipment orders showed organic growth of 4.1%, although they were 3.9% below consensus.
Services orders outperformed expectations, posting a 7.9% organic growth and standing 5% ahead of the consensus. However, Chemtech orders declined by 18% organically, with the reported orders falling 13.5% below consensus.
Despite the mixed performance in different business areas, Sulzer has reiterated its 2025 guidance, expecting orders to grow 2-5% in local currency, sales to increase by 5-9%, and an adjusted EBITDA margin of over 15%. To achieve the lower end of their guidance, Sulzer requires an order growth of at least 2.9% for the remainder of the year, and 7% for the upper end.
UBS analysts commented on the results, stating, "With orders for the first quarter slightly below expectations but no change in guidance we expect a broadly neutral reaction today."
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