Helsinki-based Wärtsilä Corporation has a strong order intake in the third quarter of this year, according to its Interim report covering January-September 2014.Order intake increased 21% to EUR 1,309 million (1,086) in the third quarter, whereas net sales decreased 7% to EUR 1,117 million (1,199).Other financial highlights include:Book-to-bill 1.17 (0.91) Operating result before non-recurring items EUR 142 million, or 12.7% of net sales (EUR 148 million or 12.3%) Earnings per share EUR 0.43 (0.48)Cash flow from operating activities EUR 68 million (139)” In the marine markets the recent activity in LNG and LPG carriers has supported the ordering of gas handling systems. The 24% increase in Ship Power’s order intake was further enhanced by good activity in the cruise markets. I am confident that the positive trend in order development will continue during the upcoming quarter.Third quarter net sales and profitability developed in line with our expectations. I am especially pleased that Services’ net sales grew by 9%, which shows that our focus on growth is paying off. Profitability reached 12.7% partly thanks to the ongoing efficiency program, which resulted in savings of EUR 10 million in the third quarter. Profitability has developed well thus far in 2014, reaching 11.5% for the period January-September, and consequently we raise our full year profitability guidance to 11.5-12.0%,” Björn Rosengren, President and CEO of Wärtsilä said. According to Wärtsilä, overcapacity continues to affect the demand for traditional merchant vessels.“Vessels are being scrapped at a younger age, which along with a more balanced fleet growth supports a gradual recovery in the freight market. In the offshore segment, the contracting of drilling units and certain support vessels is expected to continue to be at a lower level. The outlook for gas carriers remains positive, although the recent strong ordering volumes may affect activity in the short term. The importance of fuel efficiency and environmental regulations are clearly visible. The regulatory environment is also driving interest in gas as a marine fuel in the wider marine markets, a trend further strengthened in the US by favourable pricing,” the company said in the report.“The outlook for services to offshore and gas fuelled vessels remains favourable. From a regional perspective, the outlook for the Middle East and Asia is positive, and is supported by interest in power plant related services. The outlook is also good in the Americas and in Africa,” the report adds. Press Release
Term limits are the biggest joke played on the general public. The intent was to bring new talent and dedicated people to politics. Instead it took the advantage away from those people. What chance do they have running against a person who has a war chest of more than a half-million dollars and name recognition? Frank Jacobs – Sylmar Rock of courage Re “USC’s `rock’ rolls on without Heisman, savors life as Trojan” (Sept. 16): I felt nothing but awe and admiration for Rocky Paneno and his family, more so because I know in my heart that I would not have the will to survive the ordeals he has overcome with such grace, resilience and fortitude. I will think of them whenever I begin to feel as though my “problems” matter, even a bit. Thank you for a true profile in courage. James Cannon – Sherman Oaks Mexican justice Re “Bounty hunter arrested on Mexican charges” (Sept. 14): It makes sense that a country as corrupt as Mexico would demand the arrest of American Duane “Dog” Chapman, who apprehended a criminal in Mexico, as well as his son and a colleague. Perhaps the U.S. should demand that the hundreds of Mexicans who have murdered Americans and retreated to the safe haven of Mexico be exchanged for the Chapmans. My hope is that if and when the Chapmans are returned to Mexico, they are accompanied by a contingent of the millions of Mexicans residing illegally in the U.S. Kathleen M. Appell – Warminster, Pa. Constitutional chill Re “Church faces IRS scrutiny over sermon” (Sept. 17): I was appalled at the story about the Internal Revenue Service investigating the All Saints Church in Pasadena due to its minister’s being outspoken against the war in Iraq. I am not a Christian; nor have I ever been to this church. My outrage is over yet another example of the Bush administration inappropriately punishing its critics. Is the IRS investigating churches that speak out against gay marriage or a woman’s right to choose? Of course not! It is selective persecution, and all members of the public should express their outrage before this administration puts the entire Constitution, along with the Bill of Rights, into a paper shredder. Steven Afriat – Sherman Oaks Dictatorship What is happening to America? It’s not just the federal government’s actions toward other nations and their citizens but the treatment of our own citizens. An example of this is the Internal Revenue Service investigation of whether All Saints Episcopal Church in Pasadena violated the federal tax code. This is a church that questioned the arrest of Japanese-Americans at the start of World War II. It is now called “liberal” in an Associated Press story. I must ask: Is our country becoming a dictatorship before our eyes? Don Evans – Canoga Park160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Re “Costly L.A. County quintet” (Sept. 18): Can I apply for a Los Angeles County supervisor’s furniture-cleaning job? After buying more than $100,000 in furniture, the supervisors must need a director of furniture cleaning. But I think the public is already getting cleaned by the supervisors. Richard Venn – Oak Park AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREThe Christmas Truce of 1914 proved that peace is possibleLAUSD loves parents Re “Lesson lost” (Our Opinions, Sept. 18): Proponents still want to mislead the public and use parents to promote their agenda. Since 2000, the Los Angeles Unified School District has been transforming, with much of the restructuring focused on serving the school community through parent involvement. The Parent Community Service Branch provides the coordination and technical support to the local districts and local schools to enhance their parent involvement. A parent-involvement policy was written and approved by the board, and the state mandates parent involvement districtwide. Zella Knight – Sun Valley Four more years?