HELSINKI - Finnish mining equipment maker Outotec (OTE1V.HE: Quote, Profile, Research) on Wednesday posted lower-than-expected first-quarter sales and profits, hit by project delays.
Outotec said January-March operating profit rose to 21 million euros ($33 million) from 14 million the previous year, below analysts' expectations, which ranged from 23 million to 25 million in a Reuters poll.
"Delays in the execution of certain projects ... slowed down the sales recognition in the reporting period," the company said in a statement, adding the projects would be recognised as sales later in the year.
The company reported sales of 225.6 million euros, below expectations of 265 million to 286 million in the poll.
Outotec repeated it expects 2008 sales to grow over 25 percent compared with the previous year and operating profit margin to rise moderately.
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