Mining company Outotec cuts full-year target citing project problems
Finnish mining technology company Outotec cut its margin target for 2018 and said the impact of problems at one of its start-up operations is still unknown.
"At this point, it is too early to assess the total financial impact of the needed repair" Outotec said in its third-quarter report, referring to issues in one of its electric furnaces, flagged on Friday.
Outotec, which builds plants and equipment and provides services for the metal and mineral processing industries, said it now expects its adjusted EBIT (earnings before interest and tax) margin in 2018 to be in the range of 5-6% against the previous target of 5-7%
The company reported EBIT for the quarter at 16 million euros ($18.15 million), in line with estimates seen in a Reuters poll.
($1 = 0.8815 euros)
(By Boleslaw Lasocki; Editing by Louise Heavens)