FLSmidth Q4 Net Profit Drops 19%

FLSmidth & Co A/S FLIDY reported a 19% decline in its fourth quarter net profit. FLSmidth projects 2013 sales of DKK27 billion to DKK30 billion, versus sales of DKK24.85 billion in 2012. FLSmidth's quarterly net profit dropped to DKK462 million, versus DKK567 million, in the year-ago period. Its sales climbed 16% to DKK8.05 billion, from DKK6.91 billion. However, analysts were expecting a profit of DKK498.1 million on sales of DKK8.23 billion. Its EBIT fell 8.1% to DKK796 million, from DKK865 million, versus estimates of DKK813.8 million. FLSmidth shares closed at $6.25 yesterday.