Andritz 2020 Net Profit Surges on Paper Orders; Proposes Dividend and Sees Stable 2021
March 03 2021 - 2:34AM
Dow Jones News
By Joshua Kirby
Andritz AG said Wednesday that earnings for 2020 rose on record
revenue, and that it will propose a dividend of 1 euro ($1.21) a
share for the year.
The Austrian plant-engineering company booked net profit of
203.7 million euros ($246.3 million), up 66% from EUR122.8 million
in 2019, when its earnings fell on-year amid restructuring.
Earnings before interest, taxes and amortization, a preferred
metric for the company, came to EUR391.7 million, up 14%.
Revenue for the year came to EUR6.7 billion, a record high for
Andritz and up slightly on year.
The company had previously said it expected to book 2020 revenue
slightly lower than 2019 revenue. Processing of large-scale orders
in the pulp & paper business drove performance, making up for
lower revenue in other segments, it said.
Andritz said it will propose a dividend of EUR1 a share for
2020, representing a payout ratio close to 50%.
For 2021, the company expects revenue to fall slightly from
2020's level amid lower orders, while Ebita should remain stable.
The company said macro-economic issues such as a possible
intensification of the coronavirus pandemic could affect
performance and entail a revision of this guidance.
Write to Joshua Kirby at joshua.kirby@dowjones.com;
@joshualeokirby
(END) Dow Jones Newswires
March 03, 2021 02:19 ET (07:19 GMT)
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