weir delivers strong q1 performance

1
NEWS/DIVIDENDS May 2010 Pump Industry Analyst 13 Dividends Flowserve Corp’s board has author- ised the payment of a quarterly cash dividend of US$0.29 per share on the company’s outstanding shares of common stock. The dividend will be paid on 14 July 2010 to shareholders of record on 30 June 2010. www.flowserve.com ITT Corp board has declared a cash dividend of US$0.25 per share for the second quarter of 2010. The dividend will be paid on 1 July 2010 to shareholders of record on 21 May 2010. Earlier this year, ITT raised its quarterly dividend by 18% from US$0.2125 per share to its current US$0.25 per share. www.itt.com Curtiss-Wright Corp will pay a divi- dend of US$0.08 dividend on 15 July 2010 to stockholders of record on 1 July 2010. www.curtisswright.com Dover Corp’s regular quarterly cash dividend of US$0.26 per share will be paid on 15 June 2010 to shareholders of record on 31 May 2010. www.dovercorp.com Gardner Denver Inc will distribute a quarterly dividend of US$0.05 per share on 4 June 2010, to stockholders of record on 18 May 2010. www.gardnerdenver.com National Oilwell Varco Inc regu- lar quarterly cash dividend of US$0.10 per share will be paid on 25 June 2010 to each stockholder of record on 11 June 2010. www.nov.com Franklin Electric Co Inc’s quarterly cash dividend of US$0.13 per share will be distributed on 27 May 2010 to shareowners of record on 13 May 2010, up from US$0.125 in the last quarter. www.franklin-electric.com Sulzer has paid an unchanged dividend of CHF2.80 per share for 2009. www.sulzer.com Standex International Corp’s 183rd quarterly dividend was distributed on 25 May 2010. www.standex.com Crane Co’s regular quarterly dividend will be paid on 28 May 2010. www.craneco.com Metso invests in new office facilities in Pennsylvania T he Metso Mining and Construction Technology business has inaugurated new office facilities in York, Pennsylvania, USA after a E10 million investment. “The investment reflects our confidence in favourable longer-term market development globally, and especially in the US mining sec- tor, and it will improve our competitiveness and support sustainable, profitable growth in the future. In addition, in line with Metso’s strategy, we are continuously improving the working conditions of our personnel. The new, modern office facilities bring all our operations in York under the same roof, and the location near our manufacturing facili- ties is ideal,” said Matti Kähkönen, presi- dent of Metso’s Mining and Construction Technology. For further information, visit www.metso.com AxFlow sets up systems Centre of Excellence A xFlow Holding AB has formed a new subsidiary – AxFlow Systems BV – and acquired Hendriks Techniek Flevo BV based in Dronten, the Netherlands. AxFlow Systems will be a new Centre of Excellence (COE) for systems, providing sys- tems design, construction and sales resources for the AxFlow group. “The COE will provide its services to all AxFlow markets, enabling the smaller sales organisations, in particular, to offer pump packages, skids and process systems, as well as improved levels of customer service,” said Ole Weiner, president and CEO of AxFlow Holding AB. “With the introduction of AxFlow Systems BV, we shall be able to meet the demand for quick deliveries of assembled pump units and complete installations for the European chemical, petrochemical, food and beverage, pharmaceutical and wastewater treatments industries,” added Weiner. For further information, visit www.axflow.com Weir delivers strong Q1 performance T he Weir Group plc has performed better than expected during the first quarter of 2010, with improved activity levels across a number of end markets. In an interim management statement for the period to 23 April 2010, Weir said it expects first half profits to be substan- tially ahead of the 2009 half year period as a result of the positive first quarter and the current outlook to June. Aftermarket visibility beyond June remains limited and Weir said it was too early to call any significant upside in the second half of the year. At the moment, Weir is expect- ing that full year profits before intangibles amortisation and tax will be around £30 million ahead of the company’s previous expectations. While revenue in the first quarter was adversely affected by a weaker opening order book, this was substantially offset by stronger than expected growth in shorter cycle aftermarket revenues. Order input for the 13 weeks ended 2 April 2010 was up 16% on the same point last year, with Weir’s aftermarket orders up 19%. Minerals’ order input for the 13 weeks was up 30%, with original equip- ment orders increasing by 38% includ- ing a C$58 million contract for the Canadian business with delivery in 2011. Aftermarket orders rose 24% benefiting from customer restocking and weaker prior year comparatives. Order input in the oil & gas segment for the 13 weeks increased by 4% with upstream input up 74% benefiting from increased unconventional rig count and strong aftermarket sales reflecting the harsher shale environments in which Weir’s customers are now operating. This was largely offset by reduced downstream origi- nal equipment orders. Power & Industrial’s order input for the 13 weeks decreased 16% reflecting the timing of a number of large contract awards in the 2009 first quarter. Quotation activity remains strong in the nuclear sec- tor and over the full year Weir expects to see divisional input, revenue and margin progression. For further information, visit www.weir.co.uk

Post on 05-Jul-2016

214 views

Category:

Documents


1 download

TRANSCRIPT

Page 1: Weir delivers strong Q1 performance

NEWS/DIVIDENDS

May 2010 Pump Industry Analyst13

Dividends

Flowserve Corp’s board has author-ised the payment of a quarterly cash dividend of US$0.29 per share on the company’s outstanding shares of common stock. The dividend will be paid on 14 July 2010 to shareholders of record on 30 June 2010.

www.flowserve.comITT Corp board has declared a

cash dividend of US$0.25 per share for the second quarter of 2010. The dividend will be paid on 1 July 2010 to shareholders of record on 21 May 2010. Earlier this year, ITT raised its quarterly dividend by 18% from US$0.2125 per share to its current US$0.25 per share.

www.itt.comCurtiss-Wright Corp will pay a divi-dend of US$0.08 dividend on 15 July 2010 to stockholders of record on 1 July 2010.

www.curtisswright.comDover Corp’s regular quarterly cash dividend of US$0.26 per share will be paid on 15 June 2010 to shareholders of record on 31 May 2010.

www.dovercorp.comGardner Denver Inc will distribute a quarterly dividend of US$0.05 per share on 4 June 2010, to stockholders of record on 18 May 2010.

www.gardnerdenver.comNational Oilwell Varco Inc regu-

lar quarterly cash dividend of US$0.10 per share will be paid on 25 June 2010 to each stockholder of record on 11 June 2010.

www.nov.comFranklin Electric Co Inc’s quarterly cash dividend of US$0.13 per share will be distributed on 27 May 2010 to shareowners of record on 13 May 2010, up from US$0.125 in the last quarter.

www.franklin-electric.comSulzer has paid an unchanged dividend of CHF2.80 per share for 2009.

www.sulzer.comStandex International Corp’s 183rd quarterly dividend was distributed on 25 May 2010.

www.standex.comCrane Co’s regular quarterly dividend will be paid on 28 May 2010.

www.craneco.com

Metso invests in new office facilities in Pennsylvania

The Metso Mining and Construction Technology business

has inaugurated new office facilities in York, Pennsylvania, USA after a E10 million investment.

“The investment reflects our confidence in favourable longer-term market development globally, and especially in the US mining sec-tor, and it will improve our competitiveness and support sustainable, profitable growth in the future. In addition, in line with Metso’s strategy, we are continuously improving the working conditions of our personnel. The new, modern office facilities bring all our operations in York under the same roof, and the location near our manufacturing facili-ties is ideal,” said Matti Kähkönen, presi-dent of Metso’s Mining and Construction Technology.

For further information, visit www.metso.com

AxFlow sets up systems Centre of Excellence

AxFlow Holding AB has formed a new subsidiary – AxFlow

Systems BV – and acquired Hendriks Techniek Flevo BV based in Dronten, the Netherlands.

AxFlow Systems will be a new Centre of Excellence (COE) for systems, providing sys-tems design, construction and sales resources for the AxFlow group.

“The COE will provide its services to all AxFlow markets, enabling the smaller sales organisations, in particular, to offer pump packages, skids and process systems, as well as improved levels of customer service,” said Ole Weiner, president and CEO of AxFlow Holding AB.

“With the introduction of AxFlow Systems BV, we shall be able to meet the demand for quick deliveries of assembled pump units and complete installations for the European chemical, petrochemical, food and beverage, pharmaceutical and wastewater treatments industries,” added Weiner.

For further information, visit www.axflow.com

Weir delivers strong Q1 performance

The Weir Group plc has performed better than expected during the

first quarter of 2010, with improved activity levels across a number of end markets.

In an interim management statement for the period to 23 April 2010, Weir said it expects first half profits to be substan-tially ahead of the 2009 half year period as a result of the positive first quarter and the current outlook to June. Aftermarket visibility beyond June remains limited and Weir said it was too early to call any significant upside in the second half of the year. At the moment, Weir is expect-ing that full year profits before intangibles amortisation and tax will be around £30 million ahead of the company’s previous expectations.

While revenue in the first quarter was adversely affected by a weaker opening order book, this was substantially offset by stronger than expected growth in shorter cycle aftermarket revenues.

Order input for the 13 weeks ended 2 April 2010 was up 16% on the same point last year, with Weir’s aftermarket orders up 19%.

Minerals’ order input for the 13 weeks was up 30%, with original equip-ment orders increasing by 38% includ-ing a C$58 million contract for the Canadian business with delivery in 2011. Aftermarket orders rose 24% benefiting from customer restocking and weaker prior year comparatives.

Order input in the oil & gas segment for the 13 weeks increased by 4% with upstream input up 74% benefiting from increased unconventional rig count and strong aftermarket sales reflecting the harsher shale environments in which Weir’s customers are now operating. This was largely offset by reduced downstream origi-nal equipment orders.

Power & Industrial’s order input for the 13 weeks decreased 16% reflecting the timing of a number of large contract awards in the 2009 first quarter. Quotation activity remains strong in the nuclear sec-tor and over the full year Weir expects to see divisional input, revenue and margin progression.

For further information, visit www.weir.co.uk