Andritz shies away from 2020 forecast, Q1 core profit down 15%

VIENNA, April 30 (Reuters) - Engineering group Andritz shied away from giving a full-year guidance after reporting a 15% drop in its first-quarter core profit as solid orders for its pulp and paper unit failed to compensate further declines in its metals business.

“Project visibility in the markets we serve is currently still very low,” said Chief Executive Wolfgang Leitner in a statement on Thursday.

The company said it had launched additional cost saving measures.

The supplier of plants and systems to the pulp and paper, auto and metal manufacturing industries, said adjusted earnings before interest, tax and amortisation (EBITA) came in at 70.1 million euros ($76 million) after 82.8 million in the previous year’s period.

Order intake increased 12% to 1.85 billion euros, mainly thanks to a large order for a new pulp mill in South America. ($1 = 0.9202 euros) (Reporting by Kirsti Knolle Editing by Riham Alkousaa)