Weir share price: Group releases Q3 statement

iNVEZZ.com, Tuesday, November 4: The Weir Group (LON:WEIR) has this morning published its third-quarter results.

*h*Highlights*h*
Full year expectations unchanged
Third quarter input growth up 14% in constant currency
Strong Q3 aftermarket trends; Minerals +12%, Oil & Gas +44%, Power & Industrial +9%
Revenues and operating margins in line with expectations
Acquisition of Trio completed, expanding Minerals comminution offering
New Group-wide efficiency programme to deliver £35m annualised savings in 2016

Keith Cochrane, Chief Executive, said:
“While the global economic and end market outlook remains uncertain, our strong competitive positioning enables us to continue to invest through the cycle to deliver sustainable, profitable growth. Our large installed base continues to provide a solid platform for high-quality, recurring aftermarket revenues that drive growth. We’ve also continued to make good operational and strategic progress in the third quarter, taking actions to further improve efficiencies across the Group and accelerating our Minerals strategy with the acquisition of Trio. Weir is well placed to deliver good organic growth in 2014, in line with our earlier guidance.”
THIRD QUARTER REVIEW
The Weir Group PLC (“Weir” or “Group”) announces positive order input trends in the third quarter of 2014, with the benefits of Weir’s aftermarket focused business model underpinning performance.
Third quarter revenues and operating profits were up on the prior year and in line with expectations, with double digit constant currency revenue growth partially offset by foreign currency headwinds. As a result the Group remains on track to meet its full year expectations of good constant currency revenue and profit growth with underlying Group margins broadly in line with 2013 levels. Full year reported operating profits will be impacted by an estimated £38m adverse foreign currency exchange rate movement, assuming fourth quarter average exchange rates are in line with the closing rates at the end of the third quarter.
*h*More to follow…*h*