Alstom Q1 Sales Up 5.1%

(RTTNews) - French rolling stock manufacturer Alstom (AOMFF.PK, ALS.L), Tuesday reported first-quarter sales of 4.39 billion euros, up 5.1% from 4.18 billion euros last year. Orders slipped 5.9% to 3.65 billion euros from 3.88 billion euros last year.

"Alstom swiftly executed its deleveraging plan, resulting in the upgrade by Moody's of the outlook of its credit rating. As expected, order volume was soft in the first quarter, however, we secured significant contract wins in Europe, notably the Hamburg metro, together with robust margin on order intake. The market is dynamic with a strong pipeline of opportunities for the next three years. We see solid growth across all product lines, with strong performance in Services during this quarter, and we confirm our short and mid-term ambitions." said Henri Poupart-Lafarge, Chief Executive Officer of Alstom.

Rolling Stock sales reached 2,338 million euros, representing an increase of 2% on a reported basis and 2% on an organic basis, driven by a ramp-up of projects in Italy, key project deliveries in France, and strong execution performance in the US and India, compensating for a lower cars production notably due to the end of the production of legacy projects in UK (Aventra) and Germany.

Services delivered a sustained strong performance and reported 1,073 million euros of sales, up 12% on a reported basis and 13% on an organic basis, benefiting from an important ramp-up of Services project in the UK, Germany and Australia, and consistent performance in North America.