Sulzer Reports Slowdown in Order Intake for Q3

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Shares of Sulzer, the Swiss industrial engineering and manufacturing firm, experienced a decline after reporting a slowdown in order intake for the third quarter compared to the first half of the year.

At 1240 GMT, Sulzer’s shares traded 5.4% lower at CHF77.50.

Order Intake Growth Slows

According to Sulzer’s announcement on Wednesday, its order intake grew by 5.4% during the third quarter compared to the same period last year. This growth rate represents a significant deceleration from the 15% rise reported in the first half.

Sulzer’s nine-month order intake totaled 2.805 billion Swiss francs ($3.14 billion), an increase of 18% in local currencies when compared to the previous year’s figure of CHF2.59 billion. However, the strengthening of the Swiss franc had a negative impact, reducing order intake by approximately CHF200 million.

Consensus Expectations Not Met

Despite showing growth, Sulzer’s increased order intake failed to meet consensus expectations, as stated by Baader Helvea equity analyst Michael Roost in a research note.

Outlook for 2023 Remains Positive

Baader suggested that Sulzer’s confirmed outlook for 2023 did not come as a surprise due to the company’s strong performance in the first half of the year.

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