PARIS (Reuters) - French transport infrastructure group Alstom (ALSO.PA) posted higher first quarter sales, helped by new contracts, although it reiterated that its full year results would show some signs of a slowdown.
Alstom’s first quarter sales rose 2% from a year ago to 2.054 billion euros (£1.860 billion), helped by 1.6 billion euros worth of new orders won during the quarter.
“The 2019/20 fiscal year will be a year of stabilisation of growth after a 2018/19 fiscal year with an exceptional sales and profitability growth,” Alstom said in a statement.
“For 2019/20 fiscal year, the business cycle with the finalisation of major systems contracts and the evolution of large Rolling stock projects will lead to a sales and margin growth lower than the average objectives set in the context of AiM, and to a working capital evolution impacting the generation of free cash flow,” the company added.
Earlier this year, European Union regulators blocked Alstom’s plans to merge its rail operations with those of Siemens (SIEGn.DE).
Reporting by Sudip Kar-Gupta; Editing by Bate Felix