STOCKHOLM, Oct 22 (Reuters) - Engineering group Alfa Laval
reported third-quarter core earnings slightly below
market forecasts on Thursday, but said it expected demand to be
somewhat higher in the fourth quarter.
The Swedish firm said on Thursday order intake fell 9%
year-on-year in the third quarter to 8.9 billion Swedish crowns
($1 billion), while demand had remained at a stable, but low,
"As we gradually move away from the short-term savings
program and return to a more normal operational mode, a targeted
restructuring program is under preparation," CEO Tom Erixon said
in a statement.
He added further details would be announced along with the
firm's fourth-quarter report at the latest.
Alfa, which makes products such as heat exchangers, said
third-quarter adjusted operating profit (EBITA) fell to 1.71
billion crowns from 2.14 billion a year ago, below the 1.74
billion crown mean forecast, according to data from Refinitiv.
The company announced in July a 1.73 billion euro ($2.05
billion) bid for Finnish valve maker Neles Oyj, but
top Neles shareholder Valmet Oyj has opposed the
offer, proposing a merger with Neles instead.
($1 = 8.7408 Swedish crowns)
($1 = 8.7426 Swedish crowns)
(Reporting by Helena Soderpalm, editing by Supantha Mukherjee
and Mark POtter)