Denmark: Cement plant equipment manufacturer FLSmidth has reported strong fundamentals in its third quarter results for 2022. Its cement order intake increased by 8% year-on-year compared to the third quarter of 2021. Cement sector revenue increased by 7% organically and by 13% when including positive currency exchange effects. This, alongside solid performance from its mining sector, helped the group’s order intake to increase by 11% overall for the quarter.
Group chief executive officer Mikko Keto said, “The positive momentum that we saw in the second quarter has been sustained in the third quarter where we have seen robust growth in both order intake and revenue. The mining business continued to benefit from a healthy backlog and fundamentally positive market conditions, with a 53% growth in service order intake. In addition, the cement business delivered an earnings before interest, tax and amortisation (EBITA) margin of 3%. The short-term outlook has improved based on stable performance despite an emerging recession.”