Wärtsilä has reported improved net sales, profitability and cash flows in its latest Interim report for January-September 2024.
During the period, the Finnish company said order intake increased by 7% to €5580m, while organic growth was 11% and the order book at the end of the period increased by 15% to €7583m.
The figures showed net sales increased by 5% to €4595m, while organic growth was 8%.
The company also reported operating result increased by €213m to €487m, which represents 10.6% of net sales, and cash flow from operating activities increased to €770m.
Wärtsilä said it expects the demand environment in the energy sector for the next 12 months (Q4/2024-Q3/2025) to be better than that of the comparison period.
“The market environment for Wärtsilä’s businesses remained stable during the third quarter of 2024. However, geopolitical risks have amplified in recent months, adding uncertainty to the macroeconomic outlook,” said Wärtsilä president and chief executive Hakan Agnevall (pictured).
He added: “The energy market continued to be influenced by protectionism and elevated geopolitical risks.
“Despite the uncertainty surrounding the pace of the global energy transition, renewable energy sources have remained dominant in new capacity additions.
“The increasing need for balancing power to support the growth in renewable energy deployments has resulted in improved demand for engine power plants compared to last year.
“The grid balancing capabilities of Wärtsilä’s engines ensure that customers can maintain a consistent and reliable energy supply while progressing towards decarbonisation.
“Notably, in September, Wärtsilä announced being contracted to deliver four Wärtsilä 50SG engines to a new power plant for the Kentucky Municipal Energy Agency (KYMEA).
“The fast-starting engines will offer flexibility and a rapid response to fluctuations in the availability of wind and solar power, thereby protecting KYMEA’s members from electricity market price volatility.”
Agnevall said the company remains optimistic about growth prospects in both the energy and marine markets.
“We expect the demand environment for the coming 12 months to be better than for the comparison period in both Marine and Energy,” he said.